Permatex Begins Transition Plan for Recently Acquired No Touch North America
19 June 2000
Permatex Begins Transition Plan for Recently Acquired No Touch North America
HARTFORD, CT - Permatex, Inc. announced today it is initiating its plan to integrate its recently acquired No Touch North America (Lake Forest, CA) line of products and services into the Company's infrastructure. No Touch North America is a market leader in tire and wheel care. The acquisition will add approximately $10 million to Permatex revenues."We expect to fully integrate the No Touch business by the end of the year," said Permatex President Pat Formica. "We have begun transferring No Touch's warehousing to our facility in Solon, Ohio, and will close the No Touch headquarters in California. Customer service functions will move to Hartford as of July 3, and the transition of marketing and distribution to the Permatex sales force will take place during the next few months."
Mr. Formica added that Permatex's main objective is to make the transition as seamless as possible for its customers and traditional No Touch customers. " We plan to introduce several new tire and wheel care products in the 2001 selling season. We will be displaying some of these new and existing No Touch products and outline our renewed advertising at the AAIA/SEMA show in November."
Commenting on the transition program, Permatex Chairman and Chief Executive Officer Dean M. Willard said, "Permatex will now become a leader in the estimated $100 million market in North America for tire and wheel care, and the Company will have its initial products for the appearance chemicals market."
Permatex, a business unit of PBT Brands, Inc., serves the entire North American automotive aftermarket with brand franchise products that include Permatex(R), the Right Stuff(R), and Fast Orange(R). Annual sales exceed $130 million. The Company is owned mainly by private equity and debt investors. Automotive Performance Group, a publicly traded company, has an 18% equity ownership in Permatex.