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For the 12 months ended Oct. 31, 2002, Michigan Rivet recorded net sales of $32.1 million.ﾠThe
company employs approximately 160 people at its two manufacturing plants located in Warren and Petoskey, MI.ﾠ
MRC, a newly-formed
corporation, is owned and managed by an investor group led by Steven E. Engelman, a former senior executive of SPS Technologies
Inc.ﾠEngelman, who has more than 29 years of automotive and fastener industry experience, will immediately assume the role
of president and CEO of MRC.ﾠUntil earlier ...
For the 12 months ended Oct. 31, 2002, Michigan Rivet recorded net sales of $32.1 million.ﾠThe
company employs approximately 160 people at its two manufacturing plants located in Warren and Petoskey, MI.ﾠ
MRC, a newly-formed
corporation, is owned and managed by an investor group led by Steven E. Engelman, a former senior executive of SPS Technologies
Inc.ﾠEngelman, who has more than 29 years of automotive and fastener industry experience, will immediately assume the role
of president and CEO of MRC.ﾠUntil earlier this year, he was president of the Engineered Products Group of SPS Technologies.
Founded
in 1949, Michigan Rivet manufactures specialty steel fasteners, principally rivets and hinge pins, sold primarily to the North
American automotive industry.ﾠThe McLaughlin Company manufactures nuts, nut assemblies and other tubular products for the
North American automotive industry. These products are used in a wide variety of applications including hinge assemblies,
door latch assemblies, parking brakes, seating systems and suspension systems.
Mark R. High of Dickinson Wright PLLC
in Detroit led the legal team advising the Engelman-led investor group.ﾠDennis J. Petri of Follmer Rudzewicz Advisors Inc.
in Sterling Heights, Michigan led the accounting team and managed the due diligence process. Richard P. Hagan of Pinnacle
Capital Corporation in New York City served as financial advisor to the investor group and arranged the debt financing for
the transaction.
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