Infinite Acquires Osley & Whitney
20 April 1999
Infinite Acquires Osley & Whitney
WARWICK, R.I.--April 19, 1999--Infinite Group Inc. announced today that it has acquired privately held Osley & Whitney, Inc. (O&W) 49-year-old plastic injection moldbuilding company with 54 employees. The firm serves a blue-ribbon clientele of automotive, automotive aftermarket, consumer, sporting goods, and office machine companies including Polaroid, Pitney-Bowes, Hardigg Industries, and Titleist, from its 21,500 sq. ft. manufacturing facility in Westfield, Massachusetts.Infinite Group's Express Tool division, will report to O & W after the acquisition and will remain in Warwick, RI. Infinite's proprietary mold fabrication and conformal cooling technologies compliment O & W's established expertise in the moldbuilding industry. Infinite's technologies lowe r the cost of molded parts, increased molding capacity, and provide shorter delivery times over conventionally constructed molds.
The purchase price is approximately $1.5 million payable primarily in cash. Mr. John T. Monaghan will continue to serve as President of O& W, and Mr. Roger Poirier, will remain as Vice President of Sales and Engineering.
Infinite Group, Inc. is an industry leader in the areas of laser material processing, advanced manufacturing methods, high productivity production tooling and laser applications technology.
This release contains "forward looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expressed or implied. The Company's plans and objectives are based on assumptions involving judgements with respect to future economic, competitive and market conditions and future business decisions, all of this are difficult or impossible to predict accurately and many of which are beyond the control of the Company, therefore, there can be no assurance that the forward- looking statements will prove to be accurate.