PHOENIX (June 15, 2000)—Cragar Industries Inc. said it has completed a transaction with PDK, Inc. of Merrillville, Indiana whereby PDK will acquire almost all of Cragar´s remaining inventory of custom wheels and wheel accessories.
Phoenix-based Cragar, since October, 1999, has been transforming itself from a designer, assembler and marketer of custom wheels into a company licensing such products to other manufacturers.
Under terms of the Agreement, PDK will purchase those remaining products not been previously acquired by Weld Racing Inc. and Carlisle Tire & Wheel Co.
In addition, PDK is to serve as a clearinghouse for all CRAGAR brand one-piece cast aluminum wheels and certain other CRAGAR products, the Phoenix-based company said in a June 12 announcement. Other terms of the transaction were not disclosed.
Michael L. Hartzmark, Cragar´s CEO, said PDK is a leading warehouse-distributor of custom wheels and wheel accessories. "Being located in the middle of the U.S. puts them in a perfect position to supply retailers and other warehouse-distributors with hard-to-find Cragar products and provide information on all Cragar products."
This transaction, he said, will enable consumers to continue purchasing wheel products not currently licensed to Weld Racing, Inc. and Carlisle Tire & Wheel Company."