Clarion Technologies Announces Agreement to Acquire Wamar
1 July 1999
Clarion Technologies Announces Agreement to Acquire Wamar
SCHAUMBURG, Ill.--July 1, 1999--Clarion Technologies Inc. (OTC BB:CLTC) Thursday announced that it reached agreement to acquire the outstanding stock of Wamar Products Inc. and Wamar Tool & Machine Inc. in exchange for shares of Clarion Common Stock and cash.Closing of the acquisition which is expected in August 1999 is subject to satisfaction of various conditions.
Wamar Products is a plastic injection molder and assembler of plastic component and finished products. Wamar Tool & Machine is a fully-equipped mold-making and repair firm. The two entities share an 87,000 square foot facility located in Caledonia Township, Mich., a suburb of Grand Rapids.
Wamar was started in 1970. The combined companies have grown to approximately 200 employees and have annual combined sales of $19 million. Wamar Products, a QS-9000 certified company, has 32 injection molding machines ranging from 75 to 700 tons. Services offered include engineering, CAD design, insert molding, color match molding, assembly and finishing processes.
Wamar serves a well-diversified mix of customers in the office furniture, automotive and consumer products industries. Some of the well-known customers include the Lear-Donnelly joint venture, Donnelly Corp., Herman Miller, Lescoa and Excellence Manufacturing.
William Beckman, president of Clarion Technologies Inc. commented, "We are excited to add the Wamar team to Clarion and look forward to leveraging the capabilities of Wamar as we strive to meet the needs of customers in our target industries. We believe that Clarion's customer service focus, strong product design, development and manufacturing capabilities combined with Wamar's capabilities will enable our customer relationships to grow and will allow us, as a combined entity, to meet their increasing needs and expectations."
The addition of Wamar increases Clarion's footprint in Michigan and Ohio to approximately 400,000 square feet of manufacturing space with a total of five manufacturing plants. The company also operates a 23,000 square foot Technology Center, which provides full product development services from product ideation through engineering and tooling, located in Jenison, Mich. and has offices in Holland, Mich. and Schaumburg.
Clarion is able to provide a full range of manufacturing capabilities with molding capacity ranging from 50 tons to 5,000 tons of clamping force. Clarion's strategic business objective is to be a full-service supplier to the heavy truck, automotive, furniture and consumer goods industries. As a full-service supplier Clarion will provide capabilities ranging from product ideation to the manufacturing and assembly of the final product.
Except for historical information, this news release contains certain forward-looking statements that involve unknown risks and uncertainties which may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the statements made. Such risks and uncertainties include, but are not limited to, uncertainties regarding the marketing of its products, the availability of funds for ongoing operations and further development or acquisition activities and other risks detailed from time to time in the company's Securities and Exchange Commission filings.