Michigan Rubber Products, Inc. Acquired by Applied Technology Partners
24 March 1998
Michigan Rubber Products, Inc. Acquired by Applied Technology Partners
CADILLAC, Mich., March 24 -- Michigan Rubber Products, Inc.
("MRP") announced today that it has been acquired by SKM Applied Technology
Partners ("ATP"), a new venture formed by the investment firm Saunders, Karp &
Megrue ("SKM"), to make strategic acquisitions in the specialty rubber and
plastics industries.
Based in Cadillac, Michigan, MRP has carried an excellent reputation among
the Big Three and Tier 1 auto suppliers for its complete design, development
and manufacturing services for rubber and plastic products. MRP is a
manufacturer of air induction systems, NVH (noise-dampening) products, static
gaskets, air, water and fuel tubes, and sealing systems. MRP has excellent
quality and delivery ratings, earning QS-9000 & TSO-9001 certification in
March 1996. Ford Motor Company recognized MRP as a "Full Service
Supplier" (FSS) in May 1997. These prestigious awards distinguish MRP from
the vast majority of automotive suppliers.
"We are pleased to be working with SKM Applied Technology Partners," said
William D. Paul, Chairman of the Board of MRP. "With ATP's assistance going
forward, the company will be able to expand its capabilities and further
enhance services to its customers." After the transaction, Mr. Paul will
remain on the company's Board of Directors as Vice Chairman.
Dennis Brovont, MRP President and Chief Executive Officer, emphasized that
the current management team will remain in place and that he foresees no
changes in day-to-day operations. Rather, Mr. Brovont stated that, "With
ATP's equity capital commitment, Michigan Rubber Products is entering an
exciting period of growth and expansion."
Mr. Brovont added that MRP plans to increase its capabilities, products
and market base through internal growth as well as acquisition. "We will
target companies that have developed rubber or plastic product specialties
that will complement our current product line and enable us to provide more
service and value to a broad customer base." While the majority of MRP's
sales are to automotive customers, the company intends to expand its presence
in the appliance, industrial and marine segments, Mr. Brovont explained. "We
believe that MRP, along with ATP, can continue the company's momentum and
growth," he said.
Raymond B. Langton, President and Chief Executive Officer of SKM Applied
Technology Partners, also emphasized the growth opportunity at Michigan
Rubber. "The management team at MRP has built an impressive track record in
the automotive rubber and plastic products category. ATP's strategy is to
leverage off MRP's reputation with its customers and expand into related
rubber and plastics segments opportunistically." Mr. Langton has extensive
experience in the automotive and industrial markets, most recently as former
President and CEO of Chicago Rawhide Worldwide and, prior to that, as
President and CEO of SKF USA, Inc.
MRP produces over 500 products for approximately 100 customers, with air
induction systems representing its leading product line in Model Year 1998.
The company also manufactures other custom molded and extruded rubber and
plastic products for automotive and industrial applications. MRP's primary
manufacturing processes include rubber compression, transfer and injection
molding, as well as rubber extrusion and plastic injection molding.
More information about SKM is available on the Internet at:
http://www.mediasource.com/skm_index.
SOURCE Michigan Rubber Products, Inc.