ALAMO GROUP INC. ANNOUNCED THAT IT HAS SIGNED A BINDING LETTER OF INTENT TO ACQUIRE M&W GEAR COMPANY.SEGUIN, Texas--March 23, 1995--(BUSINESS WIRE)--Alamo Group Inc, (Nasdaq:ALMO) announced today that it signed a binding letter of intent to acquire all of the shares of M&W Gear Company of Gibson City, Illinois Gibson City is a city in Ford County, Illinois, United States. The population was 3,373 at the 2000 census. History The site of Gibson City was purchased and platted by Jonathan B. Lott in 1869. . The completion of the transaction will be subject to the execution of a definitive agreement and the approval of the board of directors of each of the parties. M&W Gear Company had 1994 sales of approximately $22 million. Terms of the transaction were not disclosed. Donald J. Douglass, Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented: "M&W Gear has a number of excellent product lines, primarily hay making equipment, which will significantly add to our Rhino division. In addition, M&W's current distribution system and that of Rhino's is complementary. To market both product lines our strategy is to cross market M&W and Rhino products to provide current M&W and Rhino dealers with significant business opportunities in geographical areas in which one of the authorized dealers is present and the other is not represented. In the longer term, we believe that both Rhino and M&W dealers will see increased new product development resulting from the complementary blend of the two company's engineering departments. M&W also has a production facility of 230,000 square feet which will enhance Alamo Alamo Eighteenth-century mission in San Antonio, Texas, site of a historic siege of a small group of Texans by a Mexican army (1836) during the Texas war for independence from Mexico. Group's production capabilities." Alamo Group is the world leader in the design, manufacturing and distribution of rugged, high quality, tractor-mounted mowing and growth maintenance equipment. Founded in 1969, Alamo Group serves agricultural, governmental and commercial markets, and has leading market shares in the U.S. and Europe. With the addition of M&W, the Company will have 704 employees in the U.S., 298 in the U.K. and 50 in France, and will operate nine manufacturing facilities. The corporate offices of Alamo Group (USA) are located in Seguin, Texas Seguin (pronounced IPA: /səˈgiːn/) is a city in Guadalupe County, Texas, in the United States. As of the 2000 census, the city population was 22,011. near San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. . The headquarters of Alamo Group (EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) is in Salford Priors Salford Priors is a rural, agricultural village and civil parish about six miles south west of Alcester, Warwickshire, UK. It is found on the Warwickshire border with Worcestershire. , England, near Birmingham. CONTACT: Todd Binet or Don Douglass Treasurer CEO 210/372-9504 210/226-1339 or Morgen-Walke Associates Robert Weiner Helen Spanakos - Media Relations 212/850-5600 Ken Pieper 214/663-9390 |
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