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| FOR: | | HMP Gruppe | | CONTACT: | | Dr.-Ing. Frank Müller
President and Managing Director
+49 (0) 7231 3199 900
Elmar Pischel
Managing Director
+49 (0) 7231 3199 0
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. AND HMP GROUP ANNOUNCE JOINT VENTURE
TULSA, Oklahoma, July 25, 2006 – Webco Industries, Inc. (OTC: WEBC) and Germany-based HMP Group today announced their respective board of directors’ approvals of the formation of a joint venture between the Companies to pursue value added swaged part applications in North America.
The joint venture will combine Webco’s expertise in tubing manufacturing and value- added processing with HMP’s in-depth knowledge of the design and construction of precision forming equipment, process development and value-added processing. Although formal venture documents have not yet been completed, the companies are preparing for the joint marketing and development of business for the venture, which will be based out of Webco’s facility in Reno, Pennsylvania. The joint venture may ultimately pursue other part opportunities; however, the initial focus will be upon parts manufactured by rotary swaged processes that are consumed in North America, most likely for use in automobiles.
F. William Weber, Webco’s Chairman and Chief Executive Officer, commented, “We are excited at the prospects for this partnership with HMP. The venture will start off small, but the synergies created by the combined skills and knowledge of our companies create exciting long term opportunities. We believe this venture is consistent with Webco’s strategy of deploying compelling manufacturing and information technology within niche markets.”
Dr. Frank Mueller, HMP’s President and Managing Director, further commented, “This venture enables HMP to further expand its successful supply of world class equipment and technology to North America and combine those strengths with Webco’s outstanding position in the North American tubing market. Our companies are similar in many respects, including our desire to provide exceptional products and service to our customers.”
Webco is a manufacturer and value added distributor of high-quality carbon steel, stainless steel and other metal tubular products designed to industry and customer specifications. Webco's tubing products consist primarily of pressure tubing and specialty tubing for use in durable and capital goods. Webco's long-term strategy involves the pursuit of niche markets within the metal tubing industry through the deployment of leading-edge manufacturing and information technology. Webco has three production facilities in Oklahoma and Pennsylvania and five value-added distribution facilities in Oklahoma, Texas, Illinois, and Michigan, serving more than 1,000 customers throughout North America.
HMP designs develops and manufactures finished formed components from steel tube and bar, primarily on equipment manufactured by its own machine building division. HMP’s near-net shape forming technologies include rotary swaging, axial forming, pulsation forming, drawing and rolling. HMP serves customers in the automotive and durable goods industries worldwide from its facilities in Pforzheim, Germany.
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