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News Kirkwood Industries Divests Interest In Kolektor
Contact: Kirkwood Industries,
September 3, 2002, Cleveland, OH - Kirkwood Industries, Inc. is announcing that it has divested its interest in Kolektor d.o.o. Idrija, Slovenia. Kolektor is the largest manufacturer of commutators in Europe and second largest in the world. The two companies have enjoyed a successful relationship since 1994. Kirkwood Industries is divesting its interest in Kolektor because their long-term business strategies differ. A mutually beneficial agreement has been reached to separate Kirkwood's investment from Kolektor. This divestiture will allow both parties to pursue and explore independent strategies and business ventures. "Kirkwood Industries would like to wish the Kolektor management team and all of its wonderful associates the best of luck. Thank you for all of your accomplishments and commitment during the last eight years," said Tom Koechley, President/C.E.O. of Kirkwood Industries. Stojan Petric, President of Kolektor d.o.o. Idrija expresses similar regards to the Kirkwood team. Kirkwood Industries is a global leader in the manufacture of commutators, slip rings, carbon brushes and Cortem™ springs for the automotive, power tool and floor care industries. For more information on Kirkwood Industries, call 216-267-6200 or visit their website at www.kirkwood-ind.com. ### |
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