Clarion Technologies and Plastech Resolve Differences
13 September 1999
Clarion Technologies and Plastech Resolve Differences
SCHAUMBURG, Ill.--Sept. 10, 1999--Clarion Technologies Inc. (OTC:CLTC) Friday announced that it has entered into a settlement agreement and general release with Plastech Engineered Products which provides for the dismissal with prejudice of the lawsuits pending between the parties.As a part of the agreement, Clarion Technologies will become a Tier II supplier of injection molded products for Plastech.
"This agreement is very much a win-win solution for both companies," said Tim R. Kline, chief operating officer for Clarion Technologies. "Clarion Technologies and Plastech Engineered Products will be working very closely together to leverage our sales, technical, geographical and manufacturing expertise to service our unique customer base."
The agreement settles all litigation between Plastech -- including Plastech Engineered Products Inc. and Plastech Exterior Systems Inc. and Clarion -- including Clarion Technologies Inc., Clarion Plastics Technologies Inc., Clarion Specialty Products, Triangle Plastics, Rose Industries Inc. and Timothy Kline.
Clarion's five injection molded plastics locations in Michigan and Ohio occupy 400,000 square feet of manufacturing space. The company provides a full range of manufacturing capabilities with molding capacity ranging from 50 tons to 5,000 tons of clamping force.
Clarion also operates a 23,000-square-foot state-of-the-art technology center in Jenison, Mich., providing a full range of services, including industrial design, engineering, prototyping, program management and tooling. Clarion Technologies serves the heavy truck, automotive, furniture and consumer products industries.
Plastech is a highly respected, minority-owned automotive supplier possessing multiple press sizes and product capabilities. Plastech supplies plastic injection-molded components to automotive companies such as Ford Motor Co., General Motors, Daimler Chrysler and Toyota.
The company also provides plastic and metal stamping components to both automotive and non-automotive customers. Plastech operates a total of 14 plants, including eight plastics plants, four metal stamping plants, an assembly plant and an exterior paint plant.
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.
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.