IMPCO to Acquire Remaining 49% Interest In Its European Subsidiary
2 April 1998
IMPCO to Acquire Remaining 49% Interest In Its European Subsidiary
CERRITOS, Calif., April 1 -- IMPCO Technologies, Inc.
, which has owned a 51 percent controlling interest in its
European distributor, IMPCO Technologies B.V. (IMPCO Europe), since October
1995, today announced that it has agreed to purchase the remaining 49 percent
interest for a cash price of approximately $680,000. The transaction is
expected to be completed during the first quarter of IMPCO's new fiscal year
beginning May 1, 1998.
Under terms of the agreement, IMPCO will acquire full control of IMPCO
Europe's operations in the Netherlands and its three wholly-owned subsidiaries
in Germany, France and the United Kingdom. IMPCO Europe is one of the oldest
and largest European-based suppliers of alternative fuel products. The
company's annual sales are approximately $11.0 million.
"Europe has been a major market for IMPCO, particularly for material
handling equipment," said Robert M. Stemmler, president and chief executive
officer of IMPCO. "Acquiring full control of IMPCO Europe strengthens our
European presence and enables us to take full advantage of the rapidly growing
opportunities in other segments of the alternative fuel market, such as mass
transit buses, cars and other motor vehicles and stationery engines.
"Using IMPCO Europe's local technical expertise and support, we can work
closely with original equipment manufacturers (OEMs) as new opportunities
arise in Europe. With offices and manufacturing facilities in key European
locations, we are situated to serve both existing and new customers on the
continent and in Great Britain," said Stemmler.
Rob Frings, managing director of IMPCO Europe, added, "For over 40 years,
our company has been a leading supplier of alternative fuel products
throughout Europe. We look forward to continuing this tradition as a wholly-
owned unit of IMPCO.
"Having access to IMPCO's full range of technologies has greatly broadened
our capabilities and allows us to compete more effectively in the European
marketplace. Technology that IMPCO is currently using in the U.S. to meet
stringent emission regulations can be applied by our European operations to
meet similar emissions standards here in Europe," Frings noted.
Technisch Burea Media B.V., as IMPCO Europe was originally known, began
its affiliation with IMPCO in the early 1970s when it was appointed an IMPCO
distributor. It quickly became the OEM market leader for major European
material handling equipment, and today provides complete turnkey packages for
OEMs providing the lowest possible emissions in Europe.
IMPCO Technologies, Inc. sells alternative fuel products and services
worldwide. Headquartered in Cerritos, CA, the company has additional
facilities in Irvine, CA; Detroit, MI; Seattle, WA; Mt. Pleasant, IA; Mexico,
Australia, the Netherlands, France, Germany and the United Kingdom. IMPCO is
a market leader in the Original Equipment Manufacturer marketplace and
aftermarket for gaseous fuel management systems and components that allow
internal combustion engines to operate on clean gaseous fuels such as propane
and natural gas. IMPCO provides conversion systems for motor vehicles,
forklifts, other material handling equipment, and small portable to large
stationary engines.
Certain matters discussed in this press release contain forward looking
information that involves risks and uncertainties which could cause actual
results to differ materially from current trends. These include growth of the
alternative fuels market, competition, the company's ability to design and
market new fuel management products, the company's ability to meet Original
Equipment Manufacturer (OEM) specifications, and other such risks as cited in
the company's 1997 annual report on Form 10-K and other documents filed with
the Securities and Exchange Commission.
SOURCE IMPCO Technologies, Inc.