Progressive Heat Treating Co 616-458-7061 341 Grant St SW Grand Rapids MI 49503
Heat Treating Of Carbon Steels, Austempering, Martempering & Normalizing...
...on 15 April 1999, Bodycote acquired the entire issued share capital of Progressive Heat Treatment Company ("Progressive") of Grand Rapids Michigan for a total consideration of US$3.9 million (£2.4 million) which was paid in cash. Progressive was founded in 1976 and provides austemper continuous furnace heat treatment for a range of automotive, furniture and stamping industry customers throughout the Great Lakes area. Profits before tax for the year ended 30 November 1998 were $1.1 million (£683,000) on turnover of $3.2 million (£2 million). The net assets acquired amounted to $766,000 (£476,000).
GAYLORDS DONATE TO MICHIGAN TECH
HOUGHTON--A Grand Rapids couple, David and Mary Gaylord, have provided $1.5 million to Michigan Technological University in a Charitable Remainder Unitrust. The Gaylords have designated their donation as an unrestricted gift to be used as needed to meet the needs of the institution.
"We're especially pleased to receive this gift from the Gaylords," said John Sellars, vice president for advancement and university relations at Michigan Tech. "A trust agreement offers a unique opportunity for alumni and friends to make a leadership gift to the University and enjoy significant tax benefits at the same time. The monies these gifts provide give Michigan Tech a margin of excellence that enables the University to enhance its academic programs and better serve students."
David Gaylord graduated from Michigan Tech in 1964 with a B.S. in metallurgical engineering. He began his career as a technical buyer with Rapid Standard of Grand Rapids, then worked as a metallurgical engineer for Northwood Heat Treating Company of Cadillac and served as vice president of State Heat Treating of Wyoming, MI. In 1976 he founded Progressive Heat Treating in Grand Rapids and served as its president until the company was sold earlier this year.
"After we sold the company, Mary and I were going over our assets and we realized how fortunate we've been," said Dave. "We also knew that much of our success was tied to the outstanding education I received at Michigan Tech and we wanted to give something back to the University that had had such a positive impact on our lives. We felt that a charitable remainder trust would accomplish that."
A unitrust provides that the donors annually receive a small percent of the funds invested in the trust during the course of their lifetimes, with the remainder going to the University.
Michigan Tech's Leaders for Innovation Campaign intends to raise $100 million for the University by 2003. The featured objectives of the campaign include investing in faculty, students, innovation, leadership, and quality.
Gaylord, of Grand Rapids, received a BS in Metallurgical Engineering in 1964. In 1975, he became president and treasurer of Progressive Heat Treating Inc. in Grand Rapids. He retired in 1999.