 |
 |
Purchase of Foster Grant Technical Products Div. | ||
 |
||||
| info@fosta-tek.com | ||||
|
|
|
of its Leominster Division Leominster, MA -- Foster Grant Corporation announced today that it has completed the asset sale of its Technical Products Division to Fosta-Tek Optics, Inc., a newly-formed Massachusetts Corporation. Fosta-Tek Optics, Inc. is affiliated with Quetico Business Services, Inc. of Concord, Mass., and Central Bank Group, Inc. of Golden Valley, Minnesota. The sale was approved by the U.S. Bankruptcy Court for the District of Arizona on August 13, 1991 in Tucson. The company will initiate operations in the current facility at 320 Hamilton Street in Leominster, having entered into a lease with MP Associates, the landlord of the facility. According to John Morrison, Jr., President and majority stockholder of Fosta-Tek Optics, Inc., the business will focus on opportunities in engineered optical plastics, including abrasion-resistant coatings, injection molded plastics, and cast-resin optical filters. The business will also continue to be a supplier of sunglass and reading glass components to other manufacturers. In commenting on the division's ability to maintain operations while in bankruptcy, Mr. Morrison pointed to the dedication and hardwork of its management and workforce, particularly Chester Fantozzi, Director of Operations, and James LeBlanc, Director of Product Engineering. "By maintaining key customer relationships under the most adverse of circumstances, they demonstrated that the business could be successful once again." Says Mr. Fantozzi, "Everyone here believed that this division's unique capabilities would enable it to be successful on its own, if we could find a buyer--and now we have the opportunity to prove it." This sale completed the liquidation of Foster Grant's operations. In December, 1990, the assets associated with Foster Grant's Sunglass and Reading Glass Divisions were sold to the Bonneau Company, a Texas Corporation, which continues to operate them under the Foster Grant tradename. Foster Grant Corp. originally filed for Chapter 11 protection in August 1990. NEWS RELEASE August 16, 1991
| |
 320 Hamilton Street, Leominster, MA 01453 (978) 534-6511, fax (978) 537-2168 info@fosta-tek.com |
|||