Orr added that, by becoming part of Opportunity Partners' portfolio WEK
Industries will be better positioned for future growth.
This is a significant achievement to receive this recognition from Honda," said Brian Moroney, director of sales and engineering for WEK.
Over the last several years, WEK has invested in a variety of new technology platforms and capacity to ensure consistent production quality and engineer solutions around manufacturing challenges.
WEK is an ISO/TS 16949 facility, which is a quality management system related to automotive products that provides for continual improvement, emphasizing defect prevention and the reduction of variation and waste in the supply chain.
Polymer products company Myers Industries (NYSE:MYE) reported on Tuesday the completion of the divestiture of its WEK Industries to Industrial Opportunity Partners, owners of Toledo Molding and Die for approximately USD19.
WEK Industries' sale includes manufacturing facilities and offices located in Jefferson, Ohio and Reidsville, North Carolina.
The increase in debt comes from the Company's $60 million acquisition of ATP Automotive, Inc, comprised of Michigan Rubber Products and WEK
Industries, which closed March 10, 2004.
WEK Industries manufactures engineered plastic blow molded components for the automotive market and also the motorcycle and all-terrain vehicle markets.
Customers can continue to rely on the superior value provided by the MRP and WEK teams," said Myers.
WEK Industries joins Michigan Rubber Products ("MRP") of Cadillac, Michigan as a member of the Applied Tech Products Automotive Group.
According to Dennis Brovont, President of MRP, "With MRP and WEK together, we now have the capability to design, test and manufacture complete rubber and blow molded plastic sub-systems, reinforcing our efforts to supply the automotive industry with more complete systems and a leaner supply base.
With this acquisition of WEK, the Applied Tech Products Automotive Group manufactures and markets within five main areas: (1) air ducting (engine and HVAC); (2) static gaskets; (3) NVH - (noise vibration dampening products); (4) tubing for air, water and fuel; and (5) custom blow molding products.