Precision Resource, Inc. Acquires Chicago Fineblanking Corporation; Fineblanking Leader Continues On Track to Become Premier Supplier for Automotive WorldSHELTON, Conn.--May 22, 2001--Precision Resource, Inc., one the largest contract fineblanking manufacturers in the world and a leader in the development of fineblanking technology, today announced it has acquired Chicago Fineblanking Corporation.
As a result of this acquisition, Precision Resource, Inc. will enhance its current capabilities, offering the automotive industry a greater selection of products and services. Financial terms of the agreement were not disclosed.
Effective immediately, Chicago Fineblanking Corporation will change its name to Precision Resource, Illinois Division. As a result of this acquisition, Precision Resource will have seven divisions with a total of 850 employees in six strategically located North American facilities - Connecticut, California, Florida, Illinois, Kentucky and Ontario, Canada. Precision Resource, Inc. will maintain its Shelton, Conn.-based headquarters. To coincide with the acquisition, Precision Resource has launched a new web site, http://www.precisionresource.com, which includes updated information on all of its divisions.
"This acquisition further strengthens our leadership position in the fineblanking market and adds a significant increase in automotive clients to our customer base," said Peter Wolcott, president of Precision Resource, Inc. "As we integrate Chicago Fineblanking into our company, we're once again demonstrating our commitment to continuous growth - both in size and in the scope of services offered - to meet the needs of our customers. We are fortunate to have gained such a talented group of people in an excellent Midwest location"
Having worked at Chicago Fineblanking for 12 years, Curt Krueger will continue his management role as division manager of the Illinois Division, reporting to Peter Wolcott, president of Precision Resource, Inc. Mark Polatsek will temporarily move to Vernon Hills, Ill., serving as project manager in charge of the integration of the Illinois Division into Precision Resource. He most recently served as division manager of Precision Resource's Tool & Machine Division in Shelton, Conn. All other employees will remain at their respective locations.
With more than 130 fineblanking presses in operation, more than any company in the world, Precision Resource, Inc. makes a wide variety of components and assemblies for the automotive industry and many other industries. The automotive applications include components for brakes, seats, safety systems, fuel systems, powertrain, chassis hardware, electronics, and exhaust systems. Extensive secondary finishing capabilities, including CNC machining, double disc and single side grinding, fine grinding, lapping, polishing, assembly and heat treating, enable Precision Resource to provide complete engineering and manufacturing solutions for their customers. Other markets served include electronics, off-highway, lawn & garden, cutlery, hand tools, and hardware.
Chicago Fineblanking Corp. adds more than 20 fineblanking presses ranging in size from 50 to 800 tons to Precision Resource's capabilities. Prior to the acquisition, the company shipped, on average, more than 9 million parts each month to a variety of customers with automotive, industrial and consumer applications.
About Precision Resource, Inc.
Precision Resource, Inc. is one of North America's largest fineblanking companies and the most diverse. It operates more than 130 fineblanking presses, ranging from 40 to 1,400 tons, with redundant capacity in every size. Six fineblanking plants - Connecticut, California, Florida, Illinois, Kentucky and Ontario, Canada - serve a broad range of international customers and industries. Headquarters are at 25 Forest Parkway in Shelton, Conn., USA.