FIindlay, Ohio --Hercules Tire & Rubber Co. has signed a letter of intent to sell its custom mixed rubber business to Canada's Biltrite Industries. The sale will include the plant and equipment in Findlay, according to Larry Seawell, Hercules Tire senior vice president.
Biltrite is expected to retain most of the 48 hourly and salaried employees at the Hercules custom mix unit, Seawell said. Terms of the deal, expected to close in late April, weren't disclosed.
He said Hercules' tyre operations won't be affected by the sale, and that corporate offices will remain at the present facility under lease from Biltrite for up to three years. The firm will reinvest sale proceeds into its tyre operations.
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