Printer Friendly

ALLEN GROUP COMPLETES ACQUISITION

 ALLEN GROUP COMPLETES ACQUISITION
 MELVILLE, N.Y., July 30 /PRNewswire/ -- The Allen Group Inc.


(NYSE: ALN) today announced that it completed its acquisition of Alliance Telecommunications Corporation for an initial purchase price of approximately $44 million, consisting of approximately $22 million in cash, $6 million of Allen Group common stock and $16 million of new Allen Group convertible debentures. The former Alliance shareholders may earn additional purchase price based on the sales performance of specified product lines of Alliance through 1994. In addition, Allen prepaid approximately $31 million of Alliance bank and insurance company debt on July 30.
 Alliance Telecommunications, whose sales in 1991 were $64 million, is the recognized leader in microcell products, which are expected to become a major factor in improving cellular telephone coverage and capacity.
 Allen expects the acquisition of Alliance not to be dilutive to earnings per common share in the second half of 1992 and to add to earnings per common share thereafter.
 The Allen Group Inc. manufactures and markets electronic and other products, principally for the telecommunications and automotive industries, including mobile communications equipment, automotive test equipment and truck components.
 -0- 7/30/92
 /CONTACT: Robert G. Paul or Robert A. Youdelman of the Allen Group, 516-293-5500/
 (ALN) CO: Allen Group Inc. ST: New York IN: AUT SU: TNM


PS-LR -- NY088 -- 5209 07/30/92 15:15 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1992
Words:225
Previous Article:BALDWIN & LYONS, INC. ANNOUNCES SECOND QUARTER RESULTS
Next Article:FRUEHAUF STARTS JOINT VENTURE FOR AXLES IN CHINA
Topics:


Related Articles
ALLEN GROUP UPDATES ACQUISITION PROGRESS AND CHARACTERIZES SECOND QUARTER EARNINGS
ALLEN GROUP ANNOUNCES SECOND QUARTER EARNINGS
ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS
ALLEN GROUP ANNOUNCES THIRD QUARTER EARNINGS
ALLEN GROUP COMPLETES ACQUISITION
ALLEN GROUP ANNOUNCES FIRST QUARTER EARNINGS
Allen Telecom Announces Promotions
Allen Telecom Announces Acquisition Of Telia
Kilroy Realty Corporation Closes $300 Million Deal to Acquire Principal Assets of San Diego-Based Allen Group
Andrew Corporation Reports Fourth Quarter and Fiscal Year Results; -- Fourth quarter net sales of $344.9 million -- Third consecutive quarter of book...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters