Clarion Technologies Completes Wamar Acquisition
8 September 1999
Clarion Technologies Completes Wamar Acquisition
SCHAUMBURG, Ill.--Sept. 8, 1999--Clarion Technologies, Inc. (OTC:CLTC) today announced that it has completed its acquisition of Wamar Products, Inc. and Wamar Tool & Machine, Inc. effective August 28, 1999.The outstanding stock of the Wamar organizations was acquired in exchange for shares of Clarion Common Stock and cash.
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, Michigan, a suburb of Grand Rapids.
Wamar was established in 1970. The combined companies have grown to approximately 200 employees and have annual combined sales of approximately $19 million. Wamar serves a well-diversified mix of customers in the office furniture, automotive and consumer products industries.
Wamar Products, a QS-9000 certified company, has 32 injection molding machines ranging from 75 to 700 tons. Services offered by the organization include engineering, CAD design, insert molding, color match molding, assembly and finishing processes.
Clarion Technologies is a full-service supplier to the heavy truck, automotive, furniture and consumer goods industries. As a full-service supplier Clarion provides capabilities ranging from product ideation, engineering and tooling to the manufacturing and assembly of the final product.
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.
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.
For further information contact James Hostetler, V.P. - Corporate Development & Investor Relations of Clarion at 847/490-9900 or obtain information, including an electronic version of the Company's brochure, on the web at www.clariontechnologies.com.