Bloomfield Hills, Mich.-based Newcor Inc. is selling two divisions as part of continuing plans to expand its plastics molding and precision tools businesses. W. John Weinhardt, Newcor's president and chief executive officer, said in June that the company hopes to complete the sale of its Newcor Machine Tool and Eonic divisions within 120 days.
And, within the next 60-90 days, Weinhardt said he hopes to announce two acquisitions in automotive supply-related companies, strengthening Newcor's core businesses.
``When I came to Newcor 16 months ago, Newcor was in seven different lines of business,'' Weinhardt said. ``What we're trying to do is narrow our focus.''
Last year, 51 percent of Newcor's business came from its precision parts segment and 49 percent from its special-machines companies.
This year, the precision parts segment - coupled with the company's expanding rubber and plastics companies - is expected to make up 75 percent of the business, while special machines is slated to bring in only 25 percent.
After divestitures and acquisitions, Weinhardt said, he hopes the company's sales will reach $150 million to $160 million by the end of the year, compared with $116 million last year. He said rapid growth in the remaining businesses could take sales to $300 million within five years.