Lancaster Glass’ parent company sells an automotive accessory business

Lancaster Colony Corporation - the parent company of Lancaster Glass - announced it has sold substantially all of the operating assets of its automotive accessory operations in Wapakoneta, Ohio to KN Rubber LLC, a portfolio company of Kinderhook Industries, LLC, a New York-based private equity firm.

Lancaster Colony sold the automotive accessory business as part of its strategic alternative review of its nonfood operations. Products manufactured at the Wapakoneta plant include pickup truck bed mats as well as truck and trailer splashguards.

Lancaster Colony officials estimate that the cash transaction will result in a pretax gain of about $1 to $2 million, subject to post-closing adjustments. The gain will be reflected in the results for the company´s fiscal quarter ending March 31.

Lancaster Colony announced last week it would close its Lancaster Glass facility, leaving 141 employees without jobs. That decision, officials said, was made based upon its review of its nonfood operations.
The local operation is expected to be closed this summer.