Mark IV Industries, Inc., headquartered in
Amherst, New York, is a
manufacturer of automotive components. The company is known for power and fluid transfer products that are used primarily in automotive and industrial businesses. It also introduced eco-friendly products that include air admission and
cooling,
lighting technologies,
power transmission, and advanced
radio frequency and information displays. The company, which had annual revenues of $1.34 billion in 2009,
operates in 16 countries, employing over 4,200 people.
History
Mark IV Industries was one of the region's fastest-growing companies in the 1990s.
At its peak, it operated 37 manufacturing facilities, 26 distribution outlets, and 9 technical centers around the world. Recently, however, the company has struggled with high
debt loads. In April 2009, the company filed for
bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
protection from
creditor
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property ...
s, listing assets of $500 million and debt of more than $1 billion.
After six-months in
Chapter 11, Mark IV had eliminated approximately $750 million in debt and liabilities, and emerged in November 2009 as a newly reorganized company. The company has, however, found itself at the adverse end of a legal trend which strongly enforces
environmental protection, as a judge of the
Southern District of New York has found that the government’s right to an injunction to force an environmental cleanup is not a claim that can be discharged under the
Bankruptcy Code.
See also
*
Dayco Products
References
External links
{{Official website, 1=www.mark-iv.com
Engineering companies of the United States