McNeil Industries acquires OLS, Inc.

Painesville, Ohio -- May 3 2007 – Acquisition of OLS, Inc. of Cleveland, Ohio, by McNeil Industries of Painesville, Ohio, has been announced by Randall J. McNeil, president and CEO of McNeil Industries. Terms of the agreement were not disclosed.

OLS, Inc. is a privately held manufacturer of deburring, drilling, deflashing and specialty machinery and solutions that are used by global manufacturers of gears and precision parts. McNeil Industries is a fast-growing, privately held manufacturer and distributor of precision products including MAXAM  Bearings, McNeil Guide Systems, and industrial seals.

“For nearly 30 years, OLS has gained the market’s respect as a maker of top-quality deburring equipment and tools. We welcome the addition of OLS’ skilled manufacturing people and resources to the McNeil Industries’ team,” says McNeil. “By integrating the OLS team with our management style and administrative systems, we feel that we can together add value and achieve great things.”

Under the agreement, production, sales, and customer service operations at the OLS plant on Cleveland’s west side, which currently employs approximately 15 managers and employees, will continue without interruption.

About McNeil Industries

McNeil Industries, based in Painesville, Ohio, delivers specialty products and services recognized worldwide for superior performance. Its unique MAXAM  plain, spherical, and cylindrical bearings offer extended service life, even under the harshest conditions of load, moisture, heat, and contamination.  McNeil Guide Systems products—pins, bushings, bearing cages and spare parts—are widely used and trusted by the precision stamping industry worldwide. Through Strategic Alliances, the company also offers precision machining services, industrial seals, and value-added services to customers worldwide.


Contact:

Dennis Grantham

440-721-0400 (ofc)

330-998-2198 (cell)

dgg@mcneilindustries.com 

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