Lumber City, GA (March 12, 2002) - GMAC Business Credit, LLC, today announces that manufacturing assets of Amercord, Inc., are available through a private sale.
Amercord, Inc., was a leading manufacturer of tire bead wire, tire cord, high-carbon, and medium-carbon wire products. The Company was one of two tire reinforcement suppliers in North America that could manufacture both tire cord and tire bead products. In addition to the tire industry, the company also sold to customers in the fiber-optics, electronics, automotive, cable and industrial wire markets.
Amercord was recognized by many as one of the most significant wire manufacturing facilities in North America. Amercord operated from a manufacturing facility of approximately 486,000 square feet on 250 acres of land located in Lumber City, Georgia, USA. Its installed assets include an automated wire-rod cleaning facility, over 212 wire drawing machines, 5 patenting lines, 10 continuous wire plating lines for zinc, copper or bronze, and 462 bunching machines for tire cord. Many of the available manufacturing assets were purchased within the last seven years. The capacity of the plant was estimated to be between 70 and 115 thousand tons per year.
Since its inception, Amercord has spent over $60 MM on machinery and equipment.
GMAC Business Credit, Amercords secured creditor, has engaged Knott & Company, Inc., a consulting firm located in Whitinsville, Massachusetts, to assist them in conducting the private sale of certain of Amercords machinery & equipment. Knott & Company has extensive experience in the steel and metal industries and has proven success in the sale of similar assets.
Amercord, Inc., was a leading supplier of steel tire reinforcement products, tire cord and tire bead wire, to North American tire manufacturers such as Michelin, Cooper Tire and Firestone/Bridgestone. The company had obtained formal product approval from all major tire companies. It was originally a division of US Steel until 1986, then operated by AMI and Ivaco Rolling Mills until 1999 when it was purchased to form a new entity. Amercord was ISO 9002 certified.
Whatever your companys goals increasing market share, growing the business, funding acquisitions, facilitating succession or assuming liquidity for principals GMAC Business Credit (GMACBC) has the experience and the expertise, the financial resources, the exceptional customer service and nationwide reach, to provide the needed financing. For more information, please visit: http://www.gmacbc.com.
Knott & Company, Inc. is an international strategy and management consulting firm specializing in the steel and metal industries. Focused on helping corporations create and sustain competitive advantage, the company's core areas of expertise include globalization, corporate development, operational effectiveness, technology transfer, and merger and acquisition services. The company's clients include leading steel and metals manufacturers. For more information, see http://www.Knottco.com.
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