Diversified Environmental Catalysts, Inc. Completes the Acquisition of Lori Products, Inc.
VAN NUYS, Calif., Feb. 5, 2011 /PRNewswire/ -- Diversified Environmental Catalysts, Inc. ("DECI"), announced today that it has completed the acquisition of Lori Products, Inc. ("LPI") of Van Nuys, California. LPI has been doing business as Diversified Environmental Catalysts ("DEC"). DEC is a leading manufacturer in the Foreign Automotive Aftermarket for direct fit catalytic converters and distributes its products throughout the United States. Terms of the transaction were not disclosed.
DEC now offers the most complete line of foreign automotive aftermarket for direct fit catalytic converters. DEC continues to broaden its line by adding more SKU's in both the foreign market as well as the domestic automotive aftermarket.
Robert Perret, CEO of DECI stated, "We are pleased to have completed the transaction in accordance with our growth goals and to strengthen our product mix throughout the United States. DEC is an excellent fit with our strategy in every aspect – top quality, highest in customer service with many long standing customer relationships, and competitive pricing. We have a conservative capital structure that will enable us to significantly grow the business and increase our levels of customer service to all our customers."
Founded in 1977, LPI has had their operations in Van Nuys, California where Ed Carter and Dave Carter started the business. As the business evolved into manufacturing of direct fit catalytic converters for the foreign aftermarket, Ed and Dave Carter built out their line to be the one stop shop for foreign direct fits. Ed Carter stated, "We are pleased to have Mr. Perret as part of our team to provide both growth capital, and strategic direction for the long term continued growth of the business."
Dave Carter stated, "It was a pleasure to get to know Mr. Perret through the process of completing the transaction, and his successful background in building businesses similar to DEC, we are confident that he will build on the legacy and values that Ed and I created at DEC and lead DEC to a higher level of customer support and service."
DEC (www.deccats.com) is one of the oldest companies in the manufacturing of direct fit catalytic converters for the foreign aftermarket. It has an excellent platform to further build on the domestic platform, and to provide the same level of service, delivery, and quality as has been the case for over 33 years.
SOURCE Diversified Environmental Catalysts, Inc.
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