GREENSBURG, Pa. (May 17, 2005) — Polymer Enterprises Inc. has bought about 17 percent of the company's outstanding shares from the family of its founder.
The transaction includes 100 percent of grandson Harry C. McCreary's holdings. Mr. McCreary's participation in the management of Polymer ceased in 1990, the company said.
In 2003 Polymer bought about 15 percent of its outstanding shares back from Titan International Inc, which had bought the shares five years earlier in a bid to gain control of the Greensburg-based tire and rubber product maker.
Polymer said both moves are aimed at allowing the company to remain a private, independent company.