McCoy Bros. sells spring and axle business to managers
EDMONTON (Feb. 11, 2003) — McCoy Bros. Inc. has agreed to sell its spring and axle operations to a group of company managers for an undisclosed amount.
McCoy president and chief executive Jim Rakievich said the spring and axle division, the company’s oldest manufacturing operation, had become less central to the company’s plans to grow as a truck and trailer service provider. The sale, expected to close March 14, includes the capital assets of the spring and axle business, as well as a California subsidiary that distributes suspension products.
The new ownership group is comprised of Ian McCreath, Rob Risling, Eric Hasenberg, and McCoy’s chief financial officer, Patrick Kennedy. Rakievich said their company is expected to be called Western Suspension Products and maintain its base in Edmonton.
Rakievich said McCoy anticipates an ongoing business relationship with the new owners, which will supply McCoy’s various truck and trailer service locations with springs, axles, and related products.
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