11/18/2009
Hytec DeBartolo Rescinds Exclusive Purchase Agreement with Melling Tool Co.
The due-diligence process and subsequent business transaction, where Melling planned to purchase majority equity ownership in Hytec, is now null and void.
Hytec
DeBartolo LLC has announced that a previously published exclusive
agreement with Melling Tool Co. has officially been rescinded. The
due-diligence process and subsequent business transaction, where
Melling planned to purchase majority equity ownership in Hytec, is now
null and void.
“There are occasions when business transactions divert from their
original plans, as was the case with our proposed agreement with
Melling,” stated Denis Bruncak, chairman and chief executive officer,
Hytec. “Our organization has the utmost respect for Mr. Mark Melling,
president and chief executive officer, Melling, and his entire
organization. We wish Melling continued success in all of their future
business endeavors.”
Bruncak added, “The dynamics of our business model have shifted in
another direction and we plan to leverage our current domestic
partnerships, along with our state-of-the-art Chinese manufacturing
capabilities, to make our company stronger and more responsive to our
customer’s needs and requirements. The automotive aftermarket, demands
replacement parts that match OEM specifications in form, fit and
performance at the most competitive price, and Hytec will continue to
meet these very stringent quality and operational demands.”
Hytec is a supplier of new water pumps for automobiles, light and
heavy-duty trucks, marine, high performance and industrial applications.