Hastings To Acquire Canadian Engine Component Distributor - Hastings Manufacturing, Ertel Manufacturing - Brief Article

Autoparts Report,  Feb 19, 2003  

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Hastings Manufacturing Co. said its Canadian subsidiary has agreed to purchase Toronto-based Ertel Manufacturing Corp. of Canada, Ltd., a distributor of internal engine components throughout Canada's provinces. The Hastings, Mich.-based piston ring manufacturer and engine-products specialist said the acquisition would allow its Barrie, Ontario-based Hastings, Inc. unit to increase market share and significantly expand its Canadian presence.

On completion of the transaction, the company said it will sell a full range of internal engine components, including piston rings, pistons, gaskets, bearings, camshafts and other parts. The combined company will be headed by Robert W. Weatherston, president of Hastings, Inc.

Hastings said the transaction, which remains subject to certain contingencies, is expected to close in mid-March. Terms were not disclosed.

Privately held Ertel Manufacturing, which posted sales of $16.7 million (U.S.) in 2002, distributes a full line of internal engine parts through 13 distribution centers located throughout Canada. Ertel Manufacturing distributes a number of brands, including its own Engine Parts One brand, to top professional engine rebuilders, parts warehouses, specialty retailers and original equipment manufacturers.

Hastings said the transaction is another step in its effort to become a global supplier of engine products. Known best as a manufacturer of high- quality piston rings, the 85-year-old company has significantly expanded the portfolio of engine components it sells in recent years through alliances.

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