Noble International, Ltd. Announces Letter of Intent
25 August 1998
Noble International, Ltd. Announces Letter of Intent
BLOOMFIELD HILLS, Mich.--Aug. 25, 1998--To Acquire Assets of H&H Steel Processing Company, Inc.
Noble International, Ltd. (AMEX:NIL) announced today that it has entered into a letter of intent to acquire the operating assets and assume certain liabilities of H&H Steel Processing Company, Inc. ("H&H"). The transaction is subject to the completion of due diligence, Board and shareholder approval of H&H, and approval of Noble's Board of Directors. The consideration for H&H is expected to consist of approximately $14,150,000 and up to an additional $1,500,000 over five years depending on future sales performance.
H&H is a flat rolled steel processor capable of blanking, slitting, shearing, and warehousing material to exacting specifications. H&H has also developed unique blanking dies that can accommodate any blank configuration using a concept that saves both time and money for its customers. H&H currently operates facilities in both Indianapolis and North Vernon, Indiana and three facilities in southern Ohio. In aggregate, these facilities consist of over 400,000 square feet and house eleven blanking lines, five slitting lines, and one cut to length line. H&H currently has 165 employees.
In announcing the acquisition, Christopher Morin, President and CEO of Noble Technologies, Inc. said "The strategic acquisition of the assets of H&H will significantly enhance our ability to be a full service steel processing company. Noble will be able to offer our customers capabilities in steel warehousing, slitting, blanking and laser welding of tailored blanks when H&H's capabilities are combined with our subsidiary Noble Metal Processing, Inc."
"We have reviewed the Noble opportunity and it has become clear that we are very compatible," said Dominic Sarno, President of H&H. "We believe that the development of a shared future, built upon our mutual commitment to our customer, will be successful. Together we will create a strong presence in our marketplace."
Noble International, Ltd. is a leading Tier II full-service supplier of automotive parts, component assemblies and value-added services to the automotive industry. As a Tier II supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its customers increase their productivity while controlling costs.
Certain statements in this news release maybe "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.