ADCO Global, Inc. Acquires ADCO Products and Tioga International.RALEIGH, N.C.--(BUSINESS WIRE)--April 30, 1999-- Boyd D. Wainscott, Chairman and Chief Executive Officer of ADCO ADCO Abu Dhabi Company for Onshore Oil Operations ADCO Alcohol and Drug Control Officer ADCO Air Defense Control Center ADCO Alcohol & Drug Control Office ADCO Air Defense Communications Office ADCO Air Defense Coordination Organization Global, Inc. today announced the completion of two acquisitions. ADCO Global, Inc. ("ADCO Global" or the "Company") is a private company formed by Aurora Capital Group of Los Angeles, California to acquire companies in the adhesives, sealants and coatings industry with the goal of becoming a leading global supplier of specialty products, primarily to the telecommunications, transportation, and construction markets. To implement this strategy, ADCO Global acquired all the outstanding stock of closely-held Tioga International, Inc. on March 31, 1999 and the assets of the ADCO Products division of Astor Corporation, a 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. of AlliedSignal Inc., on April 29, 1999. Aurora Capital Group is an investment firm that acquires and builds companies in partnership with operating management. Aurora invests in middle-market companies that can become more significant competitors in their industries through internal growth and add-on acquisitions. "We are committed to building a world-class adhesives, sealants and coatings company," said Mr. Wainscott, "and the combination of ADCO Products and Tioga International creates a superb platform from which to launch our drive to reach this goal. ADCO and Tioga have complementary product lines, development capabilities, and geographic strengths, and we have already begun to capture synergies, plan internal growth, and identify add-on acquisition targets." ADCO Products is well positioned in its core markets, which include roofing, automotive OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and , automotive windshield replacement, window manufacturing, and concrete pipe and vault markets. ADCO's modern manufacturing facility (which includes recent operational improvements made by AlliedSignal) in Michigan Center, Michigan Michigan Center is an unincorporated community in Leoni Township of Jackson County in the U.S. state of Michigan. The United States Census Bureau has defined an area about the community as a Census-designated place (CDP) for statistical purposes. will provide a good base for the consolidation of add-on acquisitions. In addition, ADCO's technological capabilities and emphasis on new product development should allow ADCO to grow more rapidly than the overall industry. Philip D. Beery beer·y adj. beer·i·er, beer·i·est 1. Smelling or tasting of beer: beery breath. 2. Affected or produced by beer: beery humor. , ADCO's President, and the other members of the ADCO management team, are highly capable and will continue as ADCO's senior operating managers under the new ownership. ADCO's expertise is focused on butyl rubber, urethane urethane (yoor´ithān´), n ethyl carbamate used as an anesthetic agent for laboratory animals, formerly used as a hypnotic in humans. and UV-cured acrylic technologies. ADCO currently manufactures and sells more than 650 adhesive and sealant products. ADCO attempts to differentiate itself from its competitors by rapidly responding to customers' technological demands and efficiently manufacturing a wide variety of specialty products. Tioga International, Inc. is the parent of three operating companies: RuVan, Inc. ("RuVan"), ProForm pro·form or pro-form n. An item in a sentence, typically a pronoun, verb, or adverb, that substitutes for a constituent phrase or clause, as the words he and so in the sentence He said so, with the pronoun he , Inc. ("ProForm") and Tioga Coatings Corporation ("Coatings"). RuVan develops and manufactures custom sealants, expandable adhesives, sound deadeners and caulks for industrial and consumer applications. Major markets served by RuVan include telecommunications, pipeline-infrastructure, construction, automotive and home improvement. ProForm converts thermoplastics and engineered resins into sheet and custom profile shapes. ProForm also has expertise in co-extrusion and vacuum forming and its secondary operations include a wide range of decorative and post forming operations. Major applications of ProForm's products include refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. , bath and shower parts. Coatings develops and manufactures advanced proprietary environmentally friendly liquid coatings, including several zero and low volatile organic compound volatile organic compound Environment Any toxic cabon-based (organic) substance that easily become vapors or gases–eg, solvents–paint thinners, lacquer thinner, degreasers, dry cleaning fluids ("VOC (Vertical Online Community) See vertical portal. ") products that can be applied with standard paint equipment and are also cost competitive with existing products. Coatings' products are used on automotive surfaces, metal coils, heavy-duty trucks and machinery, metal furniture and appliances. To finance the acquisitions of ADCO and Tioga, the Company completed credit facilities with a syndicate of global lenders led by The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. . These credit facilities will also be available for ADCO Global's future operating and capital needs, including add-on acquisitions. ADCO Global's corporate headquarters are located in Raleigh, North Carolina For other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. . ADCO Products operates a manufacturing and research facility in Michigan Center, Michigan. The Tioga companies have manufacturing and research facilities in Evansville, Indiana and Rockford, Illinois. The Company also has a sales and marketing representative in the United Kingdom. |
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