August 5, 2008
Heartland Steel Products, Inc. Announces Acquisition of the Assets of Eugene Welding Company, and Its Parent, Tarpon Industries
Heartland Steel Products, Inc. announced today that it has acquired the assets of Eugene Welding Company (EWCO) and its parent, Tarpon Industries, Inc. Heartland Steel Products, Inc. will operate as a privately held company with financing for this acquisition being provided by Laurus Master Fund, LTD. The sale completes the restructuring of the 55-year old steel fabrication and tubing manufacturer with facilities in Marysville and Marlette, Michigan.
The new ownership and financing structure for Eugene Welding Company, and its two divisions, SpaceRak and EWCO Tube, has provided the necessary capitalization to move the Company forward. "We are excited to be in a position to implement our business strategies," said James Bradshaw, CEO of Heartland Steel Products, Inc.SpaceRak, the steel rack manufacturing division, is expanding its product line and broadening its distribution network and national accounts. EWCO Tube will continue to be a solid supplier of structural tubing products.
"We now have the capitalization to implement our business strategies and position the Company as a leader in the structural tube and engineered steel racking industries," commented Bradshaw. "We will continue to be a solid supplier of structural tubing products and achieve larger market penetration with our industry leading quality products and exceptional customer service."
"For over half a century, Eugene Welding Company has received tremendous support from its employees, loyal customers, suppliers and the community as a whole. We now look forward to a solid future under our new structure with new ownership," Bradshaw further commented.
Heartland Steel Products, Inc.'s (d/b/a Eugene Welding Company) executive office and sales offices will be located in Marysville, Michigan.