A recent court ruling will allow Michigan Wheel Corp. to emerge from bankruptcy.
The U.S. Bankruptcy Court for the Western District of Michigan approved the sale of substantially all of the assets of Michigan Wheel to a newly formed subsidiary of The Anderson Group of Bloomfield Hills, Mich. The formal closing is expected to take place no later than Sept. 9
"We very much appreciate all of our customers and suppliers working with us through the bankruptcy process and we look forward to continuing to do business with you in the future," said Stanley J. Heide, president and CEO of Michigan Wheel, in a statement.
"With the bankruptcy behind us and a strong capital base going forward, we believe that in the years to come Michigan Wheel will grow its business both domestically and internationally and we look forward to partnering with you to achieve this success," he added.
Under Anderson's ownership, operations at Michigan Wheel will continue uninterrupted and management will remain unchanged. The new company will do business as Michigan Wheel Marine. Products will continue to be marketed as Michigan Propellers, Federal Propellers, Gold Line and Hytorq.
Heide said the Anderson Group is committed to investing a significant amount of capital into Michigan Wheel in order to fuel the long-term growth of the business. He said the goal is to offer a wider range of products with shorter lead times and improved fill rates.
The concentration will be on marine inboard as well as a full OEM replacement line of aluminum and stainless-steel outboard/sterndrive propellers. Sales and engineering will be conducted by offices in Grand Rapids, Mich. and Newton Abbot, U.K.
"We have consolidated operations and are well-positioned to increase capacity as the industry recovers," said Heide. "We are also reinvesting in our research and development and marketing efforts."
He said the company already introduced 24 new products in its outboard/sterndrive offerings for 2010.