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Custom Made Suits
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They Couldn't Wipe Their
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JULIE EDGAR STAFF WRITER
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Detroit's Premiere Custom Clothier Since 1949
• Custom Made Suits
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271 MERRILL • BIRMINGHAM • (810) 646-0535
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6230 Orchard Lake Road, Suite 230
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West Bloomfield, MI 48322
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(810) 855-2100
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1-800-654-1443
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I
(ALL ITEMS DISCOUNTED)
LARRY ARONOFF
ACTON RENTAL & SALES
(810)540-5550
(313) 881-8500
Providing the Best
Prices and Service
in Oakland County!
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of the sale to Unitog, Ace-Tex ob-
tained $3 million in tax-exempt
bonds to build a new 100,000-
square-foot facility for the uni-
form rental division. The
company was able to get the fi-
nancing because the plant is lo-
cated in the city's Empowerment
Zone, an area designated for mil-
lions of federal dollars.
Unitog is operating in the ex-
isting facility, on west Warren
and 14th Street, and will move
into the new plant, which is ex-
pected to be up and running in
two years.
"They agree with our philoso-
phy," Irving Laker said, explain-
ing that the company is
committed to staying in Detroit.
As of Nov. 11, the sale of the
wiping-cloth division to the Lak-
ers was complete. For the
next five years, Ace-Tex
will assist the company in
running the uniform
rental division.
The Lakers, who re-
named their company Ace-
Tex Enterprises, also are
planning on expanding the
wiping cloth division,
which already has a world-
wide base of 25,000 cus-
tomers. They will continue
selling tack rags, mainly
to the Big Three au-
tomakers, for painting
cars, and on Jan. 1 will in-
troduce a pre-saturated solvent
wiper.
They said they expect sales to
double to about $60 million in five
years.
"The business is more exciting
than ever," Irving Laker re-
marked. ❑
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32
I ruing and Marty Laker sold the
company their father started
almost 50 years ago and then
bought it back, reaping a nifty
profit.
In November, they sold Ace-
Tex Corporation at an undisclosed
amount to Unitog, a publicly trad-
ed industrial uniform rental-laun-
derer based in Kansas City. The
Lakers had been looking to merge
with a larger company that had a
wider distribution network.
As part of the deal, Ace-Tex
agreed to assist in the operation
of the wiping cloth division at its
present location off Central Av-
enue near Tireman on the city's
west side.
Before the sale, the company
comprised the Mechanics Uniform Harry Laker, founder of Ace-Tex
Rental Division, which was ac- Corporation.
quired in 1982 and did $54
million worth of business
last year, and the wiping
cloth company Harry Lak-
er founded in 1946.
But Unitog, the Lakers
say, was anxious that the
Lakers would tire of the
wiping-cloth division,
which supplies auto com-
panies, and walk away;
Unitog has no expertise in
the area, and told them it
eventually might sell off
the division for its own pro-
tection.
That led the Lakers to Irving and Marty Laker carry on their father's legacy.
reconsider their role and
president, said the decision was
buy back the company's assets. based partly on sentiment.
They would not reveal the pur-
"There was the emotional as-
chase price.
pect. It still is our father's. Walk-
'We sold high and bought back ing away bothered us," he said.
low," said Irving Laker, Ace-Tex's Plus, a sale would have jeopar-
president.
dized 200 jobs, he added.
Marty Laker, Ace-Tex's vice
Last summer, around the time
Securities offered through Vestax Securities Corporation, Member, NASD & SIPC,
1931 Georgetown, Hudson, OH 44236 (2 I 6) 650-1660
Symbol
SCIXF
ECILF
TEVIY
IEC
ELBTF
ELT
ELRNF
TAD
CMVT
ISL
Name
Exchange
Scitex
NASDAQ
ECI Telecom
NASDAQ
Teva Pharm
NASDAQ
PEC Israel
NYSE
Elbit Computers
NASDAQ
Elscint LTD
NYSE
Elron Electronics
NASDAQ
Tadiran
NYSE
Comverse
NASDAQ
First Israel Fund
NYSE
Dec. 22
$13.75
5 22.88
'46.63
5 22.50
5 16.38
$2.25
$9.38
5 24.38
$21.38
'11.88
Dec. 15
s13.88
$24.06
5 44.88
5 22.75
5 16.13
5 2.38
Si 0.25
5 23.88
5 22.63
5 10.75
Change
+$0.13
+s1.18
-s1je6
+$0.25
-$0.25
+s0.13
+$0.87
-$0.50
+$1.50
-$1.13
Source: Allen °lender, Prudential Securities,
West Bloomfield.