Date: 2013-08-01

Aetna Bearing restructuring, asset sale set

Aetna Bearing Company (USA), restructuring through a sale of the assets as an operating entity, will be sold via a prearranged auction process in Chicago on April 10, 2003.


Aetna is part of the Iroquois Technologies Group, the precision components manufacturing group division of holding company GWB (USA) Inc. GWB, in turn, is a subsidiary of Halifax, England-based Gartland Whalley and Barker plc. GWB USA acquires troubled small to mid-size manufacturing companies which it believes are turnaround prospects. GWB has indicated it eventually intends to spin off Iroquois as a publicly-traded company.


Founded in 1917, Aetna is one of the oldest continuously operating bearing manufacturers in the United States. The company produces ball thrust bearings, clutch release bearings, belt idler and chain sprocket idler bearings. The company is especially well known for its line of automotive and truck clutch release bearings; at one time, it dominated OEM and aftermarket sales in North America. Aetna still produces over 550 different items.


GWB acquired Aetna from Pat Balson in 1999 for USD $7.5 million, plus $900,000 in performance-based payments. That year, Aetna's sales were approximately $13 million, with net income of $1.3 million.


At the same time as the Aetna acquisition, GWB also acquired Networks Electronic Corp., based in Chatsworth, California for $12.6 million. Founded in 1954, NEC's U.S. Bearing division manufactures precision rod end bearings, spherical bearings and linkage assemblies for aerospace applications. Also in the same division with Aetna is Loves Park, Illinois-based Modern Metal Products Company, a producer of high quality stampings and fineblanking.


The sale and repurchase apparently will allow Aetna to effectively restructure the business as a going concern, relocate, slash overhead and refocus on manufacturing and production.


The public notification:

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