PORTAGE, WI -- Penda Corp., a producer of truck bedliners, has reached an agreement between all of its stakeholders for a financial restructuring of the company. The new owner of the company is a consortium of North American based institutional investors.

The financial restructuring follows an organizational alignment the company implemented over the last 12 months. Penda created three market focused strategic business units: Penda Automotive, Penda Water Management and Penda Premier Solutions. Penda Automotive, the company’s core business unit, will continue to grow by revitalizing the bedliner business. In addition, the automotive division will focus on introducing new innovative products with high growth potential like the new Penda Venture, a light weight thermoplastic tonneau cover.

The newly formed business unit, Penda Water Management, will accelerate the company’s growth through strategic product lines like SmartDitch, a proprietary water management system. Penda Premier Solutions will develop custom thermoformed products for key market areas including lawn and garden, special vehicles, trucks, buses and golf carts.

According to Ulf Buergel, president and chief executive officer of Penda, the financial re-structuring is the last key piece for a successful and accelerated company growth plan.

“With over 20 years of thermoforming expertise along with a proven track record of high quality, innovative products, and a highly trained staff, we will become the leader in automotive parts, water management systems and premier thermoforming solutions,” said Buergel.

For more information about Penda, visit: www.penda.com.

_______________________________________

Click here to view the rest of today's headlines.