We are pleased to announce the sale of Michigan Wheel Corporation to a newly formed subsidiary of The Anderson Group of Bloomfield Hills, Michigan. Under Anderson’s ownership, operations at Michigan will continue uninterrupted and management will remain unchanged. The new company will do business under the name MICHIGAN WHEEL MARINE.

Product will continue to be marketed as MICHIGAN PROPELLERS, FEDERAL PROPELLERS, GOLD LINE, and HYTORQ. Our concentration will be on marine Inboard as well as a full OEM replacement line of aluminum and stainless steel Outboard/Stern Drive propellers. Sales and engineering functions will be conducted at the Grand Rapids, MI and Newton Abbot, UK offices.

The Anderson Group is committed to investing a significant amount of capital into Michigan Wheel to fuel the long term growth of the business and to better serve our customers. We are committed to offering a wider range of products with shorter lead times and improved fill rates. Our current operations have been consolidated and are well positioned to increase capacity as the industry recovers. We are also reinvesting in research, development and marketing efforts so that Michigan will continue to build upon its long standing tradition of being at the cutting edge of innovation in the marine industry. As evidence of this we have already introduced twenty-four new products in our Outboard/Stern Drive offering for 2010.