ILS Acquiring Purchased Parts; Suppliers to Be Paid
ILS Acquiring Purchased Parts; Suppliers to Be Paid
John Wolz
Integrated Logistics Solutions LLC has agreed to acquire the assets and assume trade payables of Purchased Parts Group Inc. Shareholder Anthony Soave is assuring PPG suppliers they will be paid in full.
“The funds generated through that sales will be insufficient to pay Purchased Parts Group’s secured creditors in full,” fastener suppliers were notified by the Centrus Group Inc., agent for Purchased Parts.
ILS is a wholly-owned company of Park-Ohio Industries Inc. The acquisition is expected to be completed by July 15, 2005.
In a letter to suppliers, Robert Cohen of Centrus asked suppliers to contact Centrus “to discuss payment arrangements.”
Soave “values the commitment to excellence and dedication that your organizations share” and would “voluntarily contribute the funds necessary to settle the agreed claims in full,” Cohen wrote.
Memphis, TN-based Purchased Parts is an international distributor of production fasteners and other Class C components. Headed by Lee Mulkey, Purchased Parts operates more than 20 facilities in the U.S., Canada, Mexico, Europe and Asia, and employs about 400 people globally.
The acquisition follows years of restructuring by ILS. The company consolidated 28 supply chain logistics facilities and closed or sold 11 manufacturing plants from 2001 to 2003. In 2004 ILS sales grew 20% to $453.2 million, while income increased 17.3% to $29.2 million. Web: purchasedparts.com �2005 FastenerNews.com
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