I am sure that most of you have heard the rumors by now and even read the release given on social media about Precision Turbo and WabTec. WabTec is the parent company of Turbonetics as well.
We attempted to speak to Harry at the end of the day today and he was already gone for the day and asked that we contact Roger. I was able to speak to Roger about this news and to get clarification about some of the questions on people's minds.
Yes in fact, Precision Turbo will be part of the Turbo Group consisting of Napier, Turbonetics, and now Precision. WabTec is the parent company or Napier and Turbonetics, and will now be the parent company of Precision Turbo as well.
Roger stated that this deal opens doors both ways. It opens the door to Precision for further resources that may not have been available in the past including distribution etc. It also opens the door for Turbonetics in the manufacturing of their products, as Precision has long standing deals in place with the foundries that cast for them. Being in Indiana makes a big cost difference versus being in California. All of the businesses will continue to be separate entities, but will share their resources with each other as well.
It was also stated in our conversation with Roger that their isn't anyone new coming in to the organization. The organization will pretty much be left the way that it is now. Roger will run the day to day like he has over the last couple of years, and Harry will be in a new position within PTE, that of doing business development. Harry will not have people reporting to him, they will all report to Roger.
As far as racers and promoters are concerned, Roger stated that this business deal will not have any affect on the races that they are sponsoring or putting money into either. He stated that they know what works to grow the business and that is what they are going to continue to do, only with even more resources now. He stated that the consumer won't or shouldn't notice any changes within the company either.
In a side note, I did ask Roger about the PTE backed Chevy Camaro Pro Mod and he stated that the last time he and Harry discussed the car at all that the plan was it would be competing in the J&A Service NHRA Pro Mod series come 2017 and still be the Precision Turbo branded machine.
So in closing, for you business gurus out there, you can check out WabTec, NYSE: WAB or visit their site at https://www.wabtec.com/ for further investor and business information. Like I stated though, per my discussion with Roger this evening, the consumer shouldn't notice anything different, nor should the racers and promoters. PTE is still striving to be at the top of the turbo game, only now they have more resources to do such.