COLUMBUS, Ohio – Hytec DeBartolo LLC has announced that a previously published exclusive agreement with Melling Tool Co. has officially been rescinded. The due-diligence process and subsequent business transaction, where Melling planned to purchase majority equity ownership in Hytec, is now null and void.
“There are occasions when business transactions divert from their original plans, as was the case with our proposed agreement with Melling,” stated Denis Bruncak, chairman and chief executive officer, Hytec. “Our organization has the utmost respect for Mr. Mark Melling, president and chief executive officer, Melling, and his entire organization. We wish Melling continued success in all of their future business endeavors.”
Bruncak added, “The dynamics of our business model have shifted in another direction and we plan to leverage our current domestic partnerships, along with our state-of-the-art Chinese manufacturing capabilities, to make our company stronger and more responsive to our customer’s needs and requirements. The automotive aftermarket, demands replacement parts that match OEM specifications in form, fit and performance at the most competitive price, and Hytec will continue to meet these very stringent quality and operational demands.”
Hytec is a supplier of new water pumps for automobiles, light and heavy-duty trucks, marine, high performance and industrial applications.
