Noble International, Ltd. Acquires Pro Motorcar Products, Inc.
4 January 2001
Noble International, Ltd. Acquires Pro Motorcar Products, Inc.DETROIT, Jan. 4 Noble International, Ltd. ("Noble") today reported that it has completed, through its wholly owned subsidiary, Monroe Engineering Products, Inc. ("Monroe") the acquisition of all of the assets of Pro Motorcar Products, Inc. ("Pro Motor"), a Florida corporation and its distribution affiliate, Pro Motor Car Distribution, Inc. ("Distribution"), a Michigan corporation. Pro Motor is the leading provider of paint thickness gauges, inspection instruments, preparation and application tools for the paint, body and equipment industry. The Electronic Paint Thickness Gauges ("ETG") were developed by the principal owner of Pro Motor, John Pfanstiehl, who has received several patents for this and other paint body and equipment devices. The ETG's are popular among autobody shops and automobile dealers seeking to confirm the integrity of paint application and uncover unreported paint damage. The purchase price for the acquisition of Pro Motor and Distribution was $1.1 million and $350,000 respectively, plus the payment of a performance premium to Distribution for fiscal 2002 and 2005 in the event that the business reaches certain predetermined goals. In addition to the acquired assets, Monroe has retained the rights to market and distribute any new auto- related products developed by Mr. Pfanstiehl. In announcing the acquisition Jeff Stratton, Vice President of Monroe said, "The acquisition of Pro Motor and Distribution will enhance the strong market presence currently enjoyed by Monroe. In addition to adding some outstanding products to our offering, Distribution brings a team of seasoned sales people to assist Monroe with its future growth plans. We also anticipate that we will be able to aid distribution of these products through our network of drivers in our logistics group who service automobile dealerships." Noble International, Ltd. is a leading supplier of automotive parts, component assemblies and value-added services to the automotive industry and a leading supplier of dedicated regional logistic services. As an automotive supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its customers increase their productivity while controlling costs. Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities and Exchange Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.