JM CLIPPER CORPORATION ACQUIRES ELASTO-TEC, INC.
JM CLIPPER CORPORATION ACQUIRES ELASTO-TEC, INC. ST. LOUIS, May 19 /PRNewswire/ -- Sam Fox, chairman and chief
executive officer of Harbour Group, announced today that one of Harbour Group's companies, JM Clipper Corporation, Inc., acquired Elasto-Tec Inc. Terms of the acquisition were not disclosed.
Elasto-Tec, with headquarters in Burr Ridge, Ill., is engaged in the development, manufacture and sale of elastomer products which include transmission lip seals, molded and rubber to metal bonded products for the automotive industry. The company employs more than 100 people at its facilities in Burr Ridge, Ill., and Windsor, Ontario. Annual sales are approximately $10 million. Fox stated that Clippers acquisition of Elasto-Tec significantly strengthened both companies. "Obviously, this is an important step in the development of our sealing components business. Moreover, this combination greatly enhances the ability of both companies to serve their automotive customers. These two businesses belong together," commented Fox. Clipper is headquartered in Roanoke, Va., and is a major manufacturer of elastomer and teflon products for automotive, industrial and business machine applications. The company employs 700 people at its five plants located in Clifton Forge, Va.; Nacogdoches, Texas; Ligonier, Ind.; Paragould, Ark.; and Marion, N.Y. Harbour Group is a privately owned operating company based in St. Louis, Mo. In addition to the sealing products operations of JM Clipper, the Harbour Group family of companies encompasses four other business groups which manufacture carbide and high speed steel cutting tools, aluminum master alloys, pumps and engineered polymers. Harbour Group operates 30 plants in the United States, Canada and Europe, with annual sale of about $500 million and approximately 4,500 employees. -0- 5/19/92 /CONTACT: Alfred Fleishman, 314-982-1700, for Harbour Group/ CO: JM Clipper Corporation Inc.; Elasto-Tec Inc. ST: Missouri, Illinois IN: SU: TNM
KD -- NY062 -- 1832 05/19/92 12:31 EDT
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|Date:||May 19, 1992|
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