ACL Distribution Bought By Tim Vehlewald; To Be Independent Company
In a joint statement, Automotive Components Ltd, Tasmania, Australia, and ACL Distribution, Inc., Grand Rapids, MI, announced the purchase of ACL Distribution, Inc. by Tim Vehlewald. The agreement provides Vehlewald, who becomes president, CEO and chairman of the new company, with ownership of the company which includes its name, company assets and exclusive marketing and distribution rights for the use of the ACL and Race Series names and products in North and South America.
ACL Distribution, Inc., had been a wholly owned subsidiary of Automotive Components Ltd, prior to this transaction. ACL Distribution, Inc., now an independent company, will remain in operation from its present location and will continue to purchase passenger car/ light truck and Race Series engine bearings from ACL Bearing Company for sale in the Americas. The company has also established purchasing agreements with other offshore OEM bearing manufacturers and will outsource from these companies as necessary. ACL Distribution, Inc. will market its products under the ACL, Race Series brands, as well as a new brand name yet to be determined. Race Series branded engine bearings will continue to be manufactured by ACL Bearing Company.
It is expected that the new operations will alleviate the supply problems ACL Distribution, Inc. and its customers have experienced for the last eighteen months, during which time ACL Bearing Company had been operating under receivership management. Tim Vehlewald said that he anticipates his company’s fill rate to improve steadily and to reach a 90 to 95 percent level by January 2011.