FREUDENBERG-NOK ACQUIRES BLACK STAR INDUSTRIES, INC.
PLYMOUTH, Mich., July 1 /PRNewswire/ -- Freudenberg-NOK, headquartered in Plymouth, today announced the acquisition of the assets of Black Star Industries, Inc. a Virginia Corporation. Black Star Industries, Inc. was a privately owned entity of the Epstein Family, Owners/Founders of Southland Industries, Inc. Black Star was engaged in the assembly and distribution of transmission repair kits serving the specialty transmission aftermarket. Barry Epstein, chairman of the board of Southland, stated that the sale of Black Star to Freudenberg-NOK would allow Southland to concentrate on its core business of designing and manufacturing sealing systems for the automotive industry. Mr. Epstein emphasized that the sale of the Black Star kitting operation to Freudenberg-NOK had no affect on Southland's remaining business. "The acquisition of Black Star is a good strategic fit with our rapidly growing Distribution Division," said Joseph C. Day, Freudenberg- NOK's president and CEO. Freudenberg-NOK's Distribution Division is in Milan, Ohio, and is also a leading manufacturer of transmission repair kits. Day added that the Black Star operation would be immediately consolidated into the Milan distribution center. Established in 1989 as a general partnership between Freudenberg & Company of Germany and NOK Corporation of Japan to serve the American market, Freudenberg-NOK has become a leading supplier of precision seals, molded rubber and plastics, vibration control products and automotive rebuild kits. Freudenberg-NOK operates 14 major facilities and employs 3,600 people in its North American plants. -0- 7/1/93 /CONTACT: Sharon Wenzl of Freudenberg-NOK, 313-451-0020/
CO: Freudenberg-NOK; Black Star Industries, Inc. ST: Michigan IN: AUT SU: TNM
KE -- DE012 -- 7716 07/01/93 12:10 EDT
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|Date:||Jul 1, 1993|
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