Mr. Gasket to be Acquired by Prestolite Wire

Mr. Gasket Inc., a supplier of specialty racing and performance products for the automotive, motorcycle and marine aftermarkets, is about to be acquired. Cleveland-based Mr. Gasket said Prestolite Wire Corp. of Southfield, MI, has agreed to buy most of the business for an undisclosed price. Prestolite plans to make Mr. Gasket a division of the company, with Mr. Gasket executive vice president Dennis Rogers continuing in that role. A joint press release issued by the two companies said Mr. Gasket president Bob Romanelli “will continue to advise the company on strategic initiatives.”

From Crain’s Cleveland Business

Mr. Gasket Inc., a supplier of specialty racing and performance products for the automotive, motorcycle and marine aftermarkets, is about to be acquired.

Cleveland-based Mr. Gasket said Prestolite Wire Corp. of Southfield, MI, has agreed to buy most of the business for an undisclosed price. Prestolite plans to make Mr. Gasket a division of the company, with Mr. Gasket executive vice president Dennis Rogers continuing in that role. A joint press release issued by the two companies said Mr. Gasket president Bob Romanelli “will continue to advise the company on strategic initiatives.”

Prestolite president Greg Ulewicz said in a statement, “Mr. Gasket is an excellent strategic fit and a logical step in the continued growth and development of our automotive aftermarket business. Mr. Gasket’s well-recognized high-performance and racing brands will be a tremendous asset to Prestolite’s aftermarket portfolio.”

Prestolite makes ignition assemblies as well as wire and cable products for the automotive and industrial markets. Mr. Gasket makes gaskets, ignition wire, and clutch and suspension products.