Newcor Announces the Signing of a Definitive Agreement To Purchase Turn-Matic, Inc.
20 January 1998
Newcor Announces the Signing of a Definitive Agreement To Purchase Turn-Matic, Inc.BLOOMFIELD HILLS, Mich., Jan. 20 -- W. John Weinhardt, president and chief executive officer of Newcor, Inc. , announced today that Newcor signed a definitive agreement on January 16, 1998 to purchase the stock of Turn-Matic, Inc., a Michigan corporation, located in Clinton Township, Michigan. Assuming the satisfaction of certain conditions, it is anticipated that the closing will occur during the first quarter of 1998. Newcor is finalizing financing alternatives including subordinated debt, increased bank borrowings, or a combination of both to complete this transaction and the previously announced (December 10, 1997) Deco Group pending acquisition and (December 23, 1997) Machine Tool & Gear, Inc., completed acquisition. Turn-Matic manufactures high volume precision machined engine components including oil filter adapters, main bearing caps and intake and exhaust manifolds for the automotive industry. Turn-Matic's product lines and customer base complement Newcor's Precision Machined Product segment. Newcor, headquartered in Bloomfield Hills, Michigan, designs and manufactures precision machined and molded rubber and plastic products as well as custom machines and manufacturing systems. Newcor is listed on the Nasdaq Stock Market under the symbol NEWC. SOURCE Newcor, Inc.