Bonded Motors signs letter of intent to purchase Georgia manufacturing plant.LOS ANGELES--(BUSINESS WIRE)--July 2, 1997-- Anticipated demand in Southeast cited; phase two of business plan commences Aaron Landon, chairman of the board and chief executive officer of Bonded Motors Inc. (NASDAQ/NMS:BMTR BMTR Backup Memory Transfer (AT&T) ) Wednesday announced that Bonded has signed a letter of intent to purchase substantially all of the assets of Wheeler's Manufacturing Co. of Macon, Ga. Terms were not disclosed. Wheeler's Manufacturing is an automotive engine Automotive engine The component of the motor vehicle that converts the chemical energy in fuel into mechanical energy for power. The automotive engine also drives the generator and various accessories, such as the air-conditioning compressor and power-steering and crankshaft kit remanufacturer that has been in business since 1946. Its operations have been winding down in recent years, which leaves the 40,000-square-foot facility underutilized. It is estimated that this plant has the equipment and space capacity to produce 75 remanufactured engines per day, and the five-acre parcel of land offers the ability to expand manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. when needed. "This seems to be a perfect fit for Bonded Motors," Landon said. "We anticipate significant new business in this part of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. in the near future, and the Wheeler Manufacturing facility will allow us to supply stocking and special order domestic and foreign engines to our expanded customer base in a timely manner. "We expect to start remanufacturing 30 units per day out of the Georgia facility, and hope to be at full capacity by next spring," Landon added. "Many of the major automotive aftermarket retailers are headquartered in the Southeast, including Genuine Parts-NAPA (Atlanta), Autozone (Memphis), Discount Auto Parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
"With out current distribution centers in Atlanta, Cincinnati and Harrisburg, Pennsylvania This article is about the capital city of the Commonwealth of Pennsylvania. For other places named Harrisburg, see Harrisburg (disambiguation). Harrisburg is the capital of the Commonwealth of Pennsylvania, a state of the United States of America. , we think that the Macon manufacturing facility is perfectly located to satisfy our customers' needs. "This acquisition is in keeping with our two-phased business plan: phase one was to establish regional distribution centers across the United States, and phase two is the strategic acquisition of manufacturing facilities to help us feed the pipeline. In January of this year, Bonded Motors opened its fifth distribution center in Denver, Colorado, which concluded phase one." The acquisition of the assets of Wheeler's Manufacturing is scheduled to be completed by Aug. 1, 1997. "Bonded Motors is the leader in our industry," said Charles H. Wheeler, 75-year-old founder and president of Wheeler Manufacturing. "With their growth record and open book management style, we are sure that they will succeed, and our seasoned staff of dedicated employees are looking forward to growing with them." "Our chief financial officer, Paul Sullivan Paul Sullivan is a name shared by several people:
Bonded Motors is a remanufacturer of car and light-truck engines, with headquarters in Los Angeles and regional distribution centers in the states of California, Washington, Colorado, Ohio, Pennsylvania and Georgia. The company's principal customers are automotive parts chain stores such as Pep Boys -- Manny Manny may refer to: In nobility:
see chronic superficial keratitis. Automotive (Checkers, Schucks and Kragen), Paccar Automotive (Grands and Al's Auto Parts) and Trak Automotive. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements in this release regarding the business conditions of the automotive aftermarket for remanufactured engines and the expansion of the company's products and markets are forward-looking statements that include risks and uncertainties, including, but not limited to, product demand and development, technological advances, impact of competitive products and pricing, growth in targeted markets, manufacturing capacity, risks of foreign operations, ability to integrate and leverage acquisitions and other information detailed from time to time in the company's Securities and Exchange Commission filings. CONTACT: Bonded Motors Inc., Los Angeles Paul Sullivan, 213/583-8631 or Coffin Communications, Sherman Oaks, Calif. John Muir, 818/789-0100 |
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