NEWS

 

Demmer Investments Announces the Acquisition of Quality Tool 
                                                               
November 17, 2010

TRANSACTION
Quality Tool, Inc. ("Quality Tool") has been acquired by Demmer Investments IV, Inc., an entity formed by the shareholders of Demmer Corporation ("Demmer"). Terms of the sale were not disclosed.

HIGHLIGHTS
For over 50 years, St. Paul, Minnesota-based Quality Tool has been a leading provider of  engineering-focused precision metal fabrication, stamping, machining, bus bar and design services to diversified industrial, medical, technology, telecommunications and defense industries.  The Company has over 110,000 square feet of production space and state-of-the-art equipment split between its St. Paul, Minnesota headquarters and its Brookings, South Dakota facility.
 
Quality Tool's existing leadership team, including President Chuck Proulx, will continue in their roles as operators of the business. Proulx said, "Demmer and Quality Tool share a commitment to growth, continuous improvement in everything we do, and delivering the highest levels of customer satisfaction. This alignment in values, focus, and the synergies between Quality Tool and Demmer will deliver great benefit to our employees and customers. We are very pleased to be joining the Demmer organization."
 
Bill Demmer, President and CEO of Demmer Corporation, stated, "Quality Tool fits very well in Demmer's diversification strategy.  The culture of Quality Tool is a good match with the Demmer Investments portfolio of companies.  We look forward to continued growth and development."

Demmer Corporation is a Lansing, Michigan-based vertically-integrated manufacturer that provides fabrication, machining, assembly and integration to companies in the defense, aerospace, automotive, energy, and transportation industries. Demmer employs over two million square feet of state-of-the-art production space to produce components and perform assembly for battle tanks, personnel carriers, bomb-resistant vehicles, and more.

Sten Sjoberg, Chief Operating Officer of Demmer Corporation commented, "We are very pleased to have been able to acquire a company with quality management and an outstanding customer base. We look forward to being part of the further development of Quality Tool and its great workforce."