Williams Controls, Inc. (Nasdaq: WMCO) today announced that it has completed the sale of the agriculture equipment business of Hardee Williams, Inc., Agrotec Williams, Inc. and Waccamaw Wheel Williams, Inc. Proceeds at closing were $1.8 million in cash and notes plus the assumption by the buyer of $200,000 of liabilities. Expected additional proceeds will be $1.2 million of cash and notes on or before September 30, 2000.
The agriculture equipment business was sold to a newly formed company, Hardee Manufacturing Company, LLC, which is owned by PACC, LLC. PACC, LLC also owns a manufacturer of agriculture tillage equipment located in Columbus, Nebraska.
Gerard Herlihy, Williams Controls chief financial officer, stated, “We are pleased to sell Hardee, Agrotec and Waccamaw to a group committed to produce Hardee’s quality products and support Hardee’s excellent dealer network from the existing plant in Loris, South Carolina. This sale will further position Williams to implement its strategic plan to focus management and capital resources on our growing electronic and adjustable foot pedal markets.”
David Onion, president of Chicago Capital Partners who is the majority owner of PACC, LLC, stated, “I am very pleased that we have completed the purchase of the Hardee, Agrotec and Waccamaw Wheel businesses. This is an important addition to our agricultural equipment activities. We expect that these businesses will facilitate further growth for PACC’s equipment manufacturing segment.”
Williams Controls designs and manufactures electronic and adjustable pedal systems and related position sensors for the truck, automotive, bus and off-highway industries. You can reach us on the Web at www.wmco.com
The statements included in this news release concerning predictions of economic performance and management’s plans and objectives constitute forward- looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company’s Securities and Exchange Commission filings; economic downturns affecting the operations of the Company or any of its business operations, and the unavailability of financing to complete management’s plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements.