Noble International, Ltd. Completes Acquisition of Assets of H&H Steel
6 October 1998
Noble International, Ltd. Completes Acquisition of Assets of H&H Steel Processing Company, Inc.BLOOMFIELD HILLS, Mich., October 6 -- Noble International, Ltd. (Amex: NIL) announced today that it has completed, through its subsidiaries, the acquisition of the operating assets and certain liabilities of H&H Steel Processing Company, Inc. ("H&H"). The consideration for H&H consists of approximately $13.5 million and up to an additional $1.5 million 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's proprietary "light" die technology provides it a substantial competitive advantage which also saves its customers both time and money. H&H has developed an excellent reputation with its customers for quality parts delivered on time. H&H currently operates facilities in 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 employs approximately 165 people. In announcing the acquisition, Lloyd P. Jones, III, President and COO of Noble said, "The strategic acquisition of the assets of H&H significantly enhance our ability to be a full service steel processing company. We are very excited about the acquisition of H&H because, when combined with Noble Metal Processing, we will now be able to offer our customers full service steel processing from coil to laser blank welding. This takes us one step closer toward our mission of being the best total solution provider." John Baysore, President of Noble Metal Processing, Inc., said "Noble Metal Processing is very excited about H&H joining our team as it complements our laser blank welding with fully developed steel service centers at multiple locations. H&H's history of developing and building its own technology at a technical and cost competitive advantage, very closely mirrors Noble Metal Processing's history of developing and building its own laser blank welding systems." Noble International, Ltd. is a leading Tier II 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.