Several buyers eyeing Versatech Sealing Systems

TORONTO (Sept. 6)—Canadian rubber molder Versatech Sealing Systems may find itself in the hands of a new parent company come October. Several bidders have emerged for the unit of Versatech Group Inc. which has been under creditor protection since May 5, according to Vice President and Controller John Kyle. The sales process for what he termed "the crown jewel" of Versatech Group´s operations should be completed by the end of October, he said. The sealing systems unit employs about 250 at a 70,000-sq.-ft. plant in Leamington, Ontario, which primarily supplies Ford and General Motors of Canada Ltd. with powertrain seals. The rubber seals unit generated about $22.3 million in sales and $3.04 million in earnings in 1998.