Raytech Corporation - Introduction

Introduction

4 Corporate Drive, Suite 295
Shelton, Connecticut 06484
U.S.A.
Telephone: (203) 925-8023
Fax: (203) 925-8088
Web site: http://www.raytech.com

Public Company
Incorporated: 1986
Employees: 1,593
Sales: $209.86 million (2002)
Stock Exchanges: New York
Ticker Symbol: RAY
NAIC: 332999 All Other Miscellaneous Fabricated Metal Products

Based in Shelton, Connecticut, Raytech Corporation and its subsidiaries manufacture and distribute engineered products for heat-resistant, inertia control, energy absorption, and transmission applications, serving both automotive original equipment manufacturers and aftermarket customers around the world. Operations are divided into three business segments. Wet Friction products, accounting for more than 60 percent of the company's revenues, are used in an oil-immersed environment found in automobiles, trucks, buses, heavy-duty equipment, farm machinery, and mining equipment. Dry Friction products are used in automobile and truck manual transmissions that do not use an oil-immersed environment. Finally, the Aftermarket segment produces wet friction products and other transmission products for automobile and light trucks, catering to warehouse distributors and aftermarket retailers. In addition to manufacturing operations in the United States, Raytech maintains facilities in Great Britain, Germany, and China. Dogged for years by asbestos-related litigation, the company finally has emerged from a 12-year period of operating under Chapter 11 protection. As a result of a 2001 agreement, Raytech has turned over 90 percent of its stock to bankruptcy court to settle current and future claims.