Hastings Manufacturing Company manufactures piston rings for automotive and light truck applications for the replacement market. It also manufactures some of its piston ring products for original equipment applications. To a lesser extent, the company sells automotive mechanics' specialty tools. It also markets and distributes the Zollner brand pistons, ACL brand engine bearings, and gaskets; and imports application pistons into the U.S. and Mexican aftermarkets. The company also markets additives for engines, transmissions, and cooling systems through its 50% owned Casite Intraco, LLC joint venture. In addition, it distributes engine components for manufacturers whose products are not distributed by it in the US. The company also engages in the specialty tool packaging and distribution throughout the Canadian, U.S., and foreign markets. The company distributes its products through auto parts jobbers and warehouse distributors for sale primarily in the automotive replacement markets throughout the US and Canada. Its products are also distributed nationally and internationally through numerous large-scale engine rebuilders and various retailer outlets.The company also sells private brand piston ring sets, on a limited basis, to certain customers under the customers' brand names. In March 2003, the company, through its Canadian subsidiary, Hastings, Inc., consummated the acquisition of Ertel Manufacturing Corporation of Canada, Ltd. and Syzygy Auto Distribution, Inc. Ertel distributes a line of internal engine parts through a network of distribution centers located throughout Canada. Syzygy distributes consignment aftermarket products in Canada through the Ertel distribution network. The aggregate minimum purchase price payable to the Ertel Sellers and the Syzygy Sellers for the stock of both of the companies is approximately $7,034,000, including $4,073,000 of cash and $2,961,000 of secured term notes payable issued to the sellers.
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