BOCA RATON, Fla. (Nov. 11)—A Florida private equity investment firm has offered to buy the assets of WesTek Inc., a producer of tire and rubber product reinforcement yarns and fabric also known in the trade as Martha Mills. The deal, expected to close on or before Nov. 15, includes all the assets of the facility and business operations in Thomastown, Ga., according to Cornerstone Investment Group L.L.C., a Boca Raton-based investment firm that specializes in turnarounds of undercapitalized or distressed small to medium size companies. The proposed acquisition price was not disclosed. WesTek, founded in 1926, employs more than 230 at its 1.3 million-sq.-ft. plant and reported sales of about $20 million in 2001, Cornerstone said. The company went through bankruptcy and Chapter 11 reorganization in 1992-1994 and was the object of takeover talks in 2000 with Dan River Inc.
Florida equity group to buy tire cord maker WesTek
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].