A.O. Smith to acquire tank manufacturer.MILWAUKEE, Wis.--(BUSINESS WIRE)--Dec. 5, 1995--A.O. Smith Corporation today has announced its plan to expand its presence in the environmental bulk storage tank business with the purchase of the business of Peabody TecTank, Inc. of Parsons, Kan., from The Pullman Company. A.O. Smith officials indicated the transaction will be completed within five days. The purchase price is approximately $18 million. Smith has grown its involvement in environmental storage markets through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. A.O. Smith Harvestore Products Inc. of DeKalb, Ill. The subsidiary markets glass-lined Aquastore(R) structures primarily for liquid storage applications such as potable potable /pot·a·ble/ (po´tah-b'l) fit to drink. po·ta·ble adj. Fit to drink; drinkable. potable fit to drink. water, waste water and leachate leach·ate n. A product or solution formed by leaching, especially a solution containing contaminants picked up through the leaching of soil. . TecTank, with fiscal 1995 sales of $49.0 million, is a manufacturer of epoxy-coated steel and aluminum storage tanks primarily used in industrial, food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. , water, and waste water applications. It is one of the few manufacturers to supply factory-coated tanks to these market segments and offers a variety of interior and exterior coatings depending upon the application. TecTank, along with its subsidiary, Peabody Solids Flow Inc., employs approximately 400 people at facilities in Parsons, Winchester, Tenn., Bakersfield, Calif., and Fort Mill, S.C. They market their products world-wide and have sales offices in Cardiff, Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , Abu Dhabi Abu Dhabi (ä`b  thä`bē, zä–, dä–), Arab. Abu Zabi, sheikhdom (1995 pop. 928,360), c. in the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. , and Kuala Lumpur in Malaysia. "The TecTank acquisition will provide us with a more comprehensive product line for both dry storage and liquid storage applications," Robert J. O'Toole, chairman and chief executive officer of A.O. Smith Corporation, said. "This acquisition also will accelerate our growth in the expanding international markets. World-wide demand has been stimulated by growing environmental awareness and government regulations, and we expect demand to continue to grow," O'Toole added. "The fact that TecTank is a proven, profitable supplier for these applications was a major consideration in the acquisition." A.O. Smith Corporation, with 1994 sales of $1.4 billion, is a diversified manufacturer with headquarters in Milwaukee, Wis. CONTACT: A.O. Smith Corporation, Milwaukee Edward J. O'Connor, 414/359-4100 |
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