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| Cascade Engineering Affiliate to Purchase Ohio Facility From Clarion Technologies General Manager Would Be Partner In Joint Venture Known As CK Technologies, Which Would Join Cascade Family of Companies GRAND RAPIDS, Michigan, April 23, 2002 – CK Technologies, an affiliate of Cascade Engineering, has signed a definitive agreement to acquire the assets of the Clarion Technologies manufacturing facility located in Montpelier, Ohio. CK Technologies is a joint venture of Cascade Engineering and the plant’s existing general manager, Tim Kline. The Montpelier facility would join the Cascade Engineering Family of Companies. Closing of the acquisition is planned for late April. In keeping with previous activity at the 164,000-square-foot facility, CK Technologies would manufacture medium- and heavy-duty truck components using plastic injection molding technology. The facility, which was completed in January 1999, is equipped with injection molding machines ranging from 950 to 5,000 tons. CK Technologies would employ 70 people. “This initiative is consistent with our goal of expanding our capabilities and reaching new markets,” said Mike Valz, president and chief operating officer of Cascade Engineering. “The market for large truck components is a natural fit for our experience and expertise, and this joint venture will extend our larger-press manufacturing capabilities. We truly believe this is a market segment to which we can add value from a manufacturing and assembly standpoint and we look forward to playing a key role in serving the truck OEMs. We are also excited about the partnership with a first-class manufacturing professional like Tim Kline, with whom Cascade Engineering shares many of the same principles. This joint venture is a sound business and cultural fit.” Kline echoed those sentiments. “This deal is great news for the employees in Montpelier and, of course, our customers,” Kline said. “And we know of the tremendous commitment Cascade Engineering has made to the communities in which it operates. I know Montpelier will be very pleased to welcome such an outstanding corporate citizen.” Cascade Engineering is a world leader in injection molding of systems and components for the automotive, solid waste and industrial markets. The company has an unswerving determination to achieve worthy goals. The Cascade Engineering Family of Companies, which employs more than 1,200 people, reported 2001 revenues of $215 million. Contact Brian Edwards 616-233-0500 mail@lambert-edwards.com < BACK |
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