AIRBOSS OF AMERICA CORP.-- ACQUISITION COMPLETED.MISSISSAUGA, ONTARIO--(BUSINESS WIRE)--AUGUST 8, 1995--AIRBOSS OF AMERICA(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : BOS) AirBoss of America Corp. announces that it has completed the acquisition of Controlled Rubber Products Inc. of Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). . Controlled Rubber is a manufacturer of high quality rubber molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. parts for railways and original equipment automotive manufacturers. This acquisition will provide AirBoss with its first owned low cost, production capacity which will be used to produce a series of new tire sizes beginning with the rear backhoe tires. Controlled Rubber had sales in excess of $7.5 million U.S. for the year ended July 31, 1995 and was profitable. The $3.3 million U.S. acquisition price was financed through the issuance of 5,668,334 common shares at $0.45 per share, a vendor take-back of 954,509 common shares and debt provided by a major U.S. lender. The acquisition will have a major impact on average product costs and distribution efficiencies. It is anticipated that production of AirBoss tires at Controlled will start immediately with the full integration of operations to take no more than 6 - 8 weeks. AirBoss of America Corp. designs, manufactures and distributes in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. the patented AirBoss segmented non-pneumatic tire for use on off-highway vehicles. AirBoss common shares are listed for trading on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "BOS". CONTACT: R.L. Hagerman President 905/855-8400 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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