Edelbrock Corp. to Develop High-Performance Shock Absorber
1 July 1999
Edelbrock Corp. to Develop High-Performance Shock Absorber for Specialized Industrial Vehicle Applications
TORRANCE, Calif.--July 1, 1999--Specialized Product Will Be Designed to Improve Comfort and Control for Operators of Tractors and Other Industrial/Agricultural Vehicles
Joint Venture With Leading Seat Supplier Sears Manufacturing Co.
Marks Entry Into Large Potential Market for Edelbrock
Edelbrock Corp. announced that it is working on a joint development program with Sears Manufacturing Co., a worldwide leader in the manufacturing of seats for agricultural, construction and industrial equipment vehicles.
This joint effort will develop a performance adjustable shock absorber to enhance comfort and manual control for operators of tractors, earthmovers, harvesters and other industrial equipment. Sears Manufacturing Co. is not affiliated with Sears & Roebuck. The agreement marks Edelbrock's initial entry into this market.
Edelbrock will design and manufacture the shock absorber for Sears under an exclusive agreement that provides Sears the right to sell the product in the world marketplace for agricultural, construction and industrial equipment vehicle applications.
The product, a manually adjustable shock absorber based on conventional technologies, but optimized by Edelbrock for industrial vehicle applications, will not include the Inertia-Active System featured in the performer IAS shock absorbers Edelbrock manufactures for passenger vehicles.
Established in 1855, Davenport, Iowa-based Sears Manufacturing Co. is the leading supplier of seating systems for agricultural, construction and industrial equipment vehicles in the United States. The privately held company's customers include most of the major off-road vehicle manufacturers in the United States and worldwide.
Commenting on the agreement, Edelbrock Chairman and Chief Executive Officer Vic Edelbrock said: "We're extremely excited to have the opportunity to work with Sears in this development effort. For well over a century, Sears has been this country's pre-eminent manufacturer of seats for industrial vehicles, and we are deeply honored that they selected Edelbrock to further enhance the performance of their fine products.
"This partnership represents a very good example of our strategy to apply our existing resources to projects within our area of expertise which have the potential to expand the markets available to us. This agreement will further extend the well-known Edelbrock brand name into a new but contingent market in keeping with the company's strategy to continually enhance shareholder returns by broadening the appeal of the Edelbrock name.
"Any operator of a heavy industrial vehicle, particularly one who has worked on rough off-road surfaces, can tell you how important it is to have a good, stable seat under him," Edelbrock continued. "These vehicles can shake, roll and sway a great deal, even during normal operation, and those conditions can become extreme on uneven terrain.
"Working with Sears, we hope to make these industrial vehicles not only more comfortable, but safer, providing their operators with a seat that, because it is more stable, affords more precise manipulation of controls and more effectively combats the fatigue that comes from having to resist the constant, sometimes radical, movement that occurs within the cabins of such vehicles."
Founded in 1938, Torrance-based Edelbrock is recognized as one of the nation's premier designers, manufacturers and distributors of performance replacement parts for the automotive and motorcycle aftermarkets. In addition to three production facilities in Torrance, the company owns and operates a state-of-the-art aluminum foundry and its QwikSilver Division for motorcycle aftermarket parts in San Jacinto, Calif., at which it manufactures many of its quality products.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve known and unknown risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include such factors as the financial strength and competitive pricing environment of the automotive and motorcycle aftermarket industries; product demand; market acceptance; manufacturing efficiencies; new product development; the success of planned advertising, marketing and promotional campaigns; the success of the company's, its vendors' and its suppliers' year 2000 compliance programs; and other risks identified herein and in other documents filed by the company with the Securities and Exchange Commission.