Mark IV Industries
Mark IV Industries, Inc., headquartered in Amherst, New York, is a leading manufacturer of automotive components. The company, which had annual revenues of $1.34 billion for the fiscal year ended February 29, 2009, operates in 16 countries, employing over 4,200 people at 18 factories and 20 distribution and technical centers globally.
The company manufactures systems and components for vehicles and transportation equipment. They have introduced a new line of products designed to promote a cleaner and safer environment, and include air admission and cooling, lighting technologies, power transmission, and advanced radio frequency and information displays.
The company was one of the region's fastest-growing companies in the 1990s, but more recently has struggled with high debt loads. In April 2009, the company filed for bankruptcy protection from creditors, 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.
