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Article: Mark IV exits Chapter 11; Dayco to grow.(News)
- Article from:
- Rubber & 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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Byline: Mike McNulty
A revamped Mark IV Industries Inc. is emerging from bankruptcy as a leaner company with less debt and an ambitious but centered growth plan that includes the addition of three plants in Asia and a technical center in Detroit.
The diversified manufacturer of components and engineered systems expects Dayco Products L.L.C.its primary division with about 67 percent of the company's salesto lead the way as it steps into a new era.
Mark IV filed for Chapter 11 bankruptcy protection April 30 because it needed to reduce its large debt, improve its capital structure and strengthen its competitive position.
The heavy debt ...