Mark IV Global Holding Corp history

Then a recession hit and the company's sales dropped from $29 million in 1973 to $19 million the next year.

In 1976 Alfiero bought out his Mark IV Homes partner.

The two chief officers felt confident about their company because they had a solid base and a healthy balance sheet, but they still did not have a firm sense of where they were going until 1983, when they bought Protective Closures, the nation's top manufacturer of plastic caps, seals, and plugs.

Following this "build and prune" strategy, in 1985 Mark IV bought LFE Corporation of Clinton, Massachusetts, a manufacturer of hydraulic, process control, and environmental control products.

Acquired Armtek in 1988

In 1992 the Mass Transit and Traffic Control division worked with AT&T to develop and distribute an automatic electronic toll collection system that would allow drivers to pay their tolls with their AT&T "Smart Card" without stopping at toll booths.

A prime example of this came in June 1993 when Mark IV acquired the European and North American assets of Pirelli S.p.A.'s power transmission belting business for about $105 million.

In November 1994 Mark IV completed a $286.3 million acquisition of Purolator Products Inc., a leading manufacturer of automotive and industrial filtration products.

Major Restructuring Began in 1996

In December 1998 Mark IV announced that it planned to reposition its automotive aftermarket business, which accounted for about 20 percent of overall revenue.

During 1999 Mark IV continued to seek ways to strengthen its two core units through divestments and acquisitions.