JM CLIPPER CORPORATION ACQUIRES ASSETS OF RED KEY PRODUCTS, INC.
ST. LOUIS, Nov. 19 ~PRNewswire~ -- Sam Fox, chairman and chief executive officer of Harbour Group, announced today that one of Harbour Group's companies, JM Clipper Corporation, has acquired the assets of Red Key Products, Inc. Terms of the transaction were not disclosed. Red Key, headquartered in Wichita Falls, Texas, is engaged in the development, manufacture and ale of custom molded rubber products for oil field applications. JM Clipper is a major manufacturer of custom elastomer and teflon sealing products for industrial, automotive, office equipment, aerospace and oil field applications. Clipper employs approximately 800 people in seven plants located in Nacogdoches, Texas; Clifton Forge, Va.; Ligonier, Ind.; Oak Brook, Ill.; Paragould, Ark.; Marion, N.Y.; and Windsor, Ontario. Clipper has its corporate headquarters in Roanoke, Va. The company's annual revenues are approximately $70 million. Fox stated that Clipper's acquisition of Red Key generated excellent synergies between Red Key's product quality and innovation and Clipper's strengths in rubber compounding and molding, design engineering and customer service. "We see this as a significant part of our program to increase our commitment to the oil field market," said Fox. "We believe that our customers will benefit from the expanded product offerings now available to them," he added. Harbour Group is a privately owned company based in St. Louis, Mo. In addition to JM Clipper Corporation, the Harbour Group family of companies encompasses 10 business groups which manufacture carbide and high speed cutting tools, pumps, compressed air dryers and filters, plastic injection molded and structured foam molded products, aluminum master alloys, tools and dies, resistance welding machines, and large specialty machines. Harbour Group operates 30 plants in the United States, Canada, and Europe, with annual sales of $500 million and approximately 4,500 employees. -0- 11~19~92 ~CONTACT: Alfred Fleishman for Harbour, 314-982-1700~
CO: JM Clipper Corporation; Red Key Products, Inc. ST: Missouri, Virginia, Texas IN: SU: TNM
SM -- NY118 -- 3150 11~19~92 17:42 EST
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|Date:||Nov 19, 1992|
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