Aeroquip to Acquire Italian Air Conditioning Businesses.MAUMEE, Ohio--(BUSINESS WIRE)--April 9, 1998--Aeroquip-Vickers, Inc. (NYSE NYSE See: New York Stock Exchange :ANV ANV Army of Northern Virginia ANV Anvik, AK, USA (Airport Code) ANV Autoritatea Nationala a Vamilor (Romania) ANV Alaska Native village (US) ANV Association of Napata Volunteers ) announced today that its Aeroquip subsidiary has signed a letter of intent to acquire Finimpresa S.r.l. and Comaco S.r.l., of Milan, Italy. Finimpresa manufactures and distributes valves and accessory products, and Comaco manufactures and distributes copper and flexible linesets. Both product lines serve the residential and commercial air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. and 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. markets. Finimpresa also manufactures and distributes hydronic hy·dron·ic adj. Of or relating to a heating or cooling system that transfers heat by circulating a fluid through a closed system of pipes. [hydr(o)- + -onic (as in electronic).] heating valves. The operations will become part of the Aeroquip Industrial Group. Terms of the sale were not disclosed. The purchase is subject to the execution of a definitive agreement and is expected to be finalized See finalization. in the 1998 second quarter. "Aeroquip's residential and commercial air conditioning business has been one of our strongest-growing businesses over the past five years, growing at more than a 15% annual rate since 1992," said Darryl F. Allen, Aeroquip-Vickers chairman, president and chief executive officer. "The acquisition of Finimpresa and Comaco will open new opportunities for Aeroquip in Europe, as well as enable Aeroquip to better serve the global needs of its customers." Howard M. Selland, president of Aeroquip, noted that this initiative combines organizations with complementary products, serving different market regions, and will be a great fit in serving air conditioning markets. "Finimpresa and Comaco have been long-time subdistributors of Aeroquip products, and we are excited about expanding this relationship to better meet the needs of our air conditioning customers," Mr. Selland said. Finimpresa and Comaco employ approximately 35 people at their shared facility in Milan. 1997 sales were approximately $10 million. Aeroquip-Vickers, Inc. is two companies, Aeroquip Corporation and Vickers, Incorporated, worldwide manufacturers and distributors of engineered components and systems to industrial, automotive and aerospace markets. CONTACT: Aeroquip-Vickers, Inc. Investor: William R. Ammann, 419/867-2215 Press: Richard G. Rump Rump The name given to the group of investors refusing to tender their shares into a corporate action, such as a merger or acquisition. Notes: Should the quantity of rump shares be large enough, a corporate action may be stalled or halted. , 419/867-2292 |
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