Wynn's International Inc. said it sold its automotive products unit for $17.1 million in cash to an investor group headed by Donald P. Hagel, the former president of the unit, and Charles Butcher, chairman of Butcher Polish Co. of Boulder, Colo.
Fullerton-based Wynn's said the sale is part of an "ongoing restructuring" of its business, a process that began in 1980 when it sold Bell Helmets Inc., a maker of motor sport helmets, and Riddell Inc., a maker of football helmets. In 1982, the company sold its custom auto-wheel subsidiary, Cragar Industries Inc.
Wynn's Automotive Products, which is based in Longmont, Colo., makes convertible tops, front-end covers for cars, seat covers and tire carriers. It accounted for $29.4 million of Wynn's International's total sales of $236.5 million in 1985, the company said.
Last November, Wynn's International acquired Precision Rubber Products Corp., a Lebanon, Tenn.-based maker of rubber seals, for $31 million in cash and 70,000 shares of Wynn's common stock.