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Article: NEWSCLIPS.(News)
- Article from:
- Plastics News
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Spartech sells wheel unit to D-S owner
CLAYTON, MO. Spartech Corp. sold its wheels business for $34.5 million to a private equity firm that has renamed the unit Custom Wheels Inc.
The buyer, Hamilton Robinson Capital Partners of Stamford, Conn., said there will be no changes in management or day-to-day operations at Custom Wheels.
The sale price includes $6 million of contingent payments based on future performance of the business. Spartech plans to use the proceeds, in part, to pay down debt.
P&M Corporate Finance of Southfield, Mich., advised Spartech on the deal.
According to the companies, Spartech was the largest North ...