AlliedSignal To Acquire Prestone.MORRIS TOWNSHIP There are several places named Morris Township in the United States:
See: New York Stock Exchange : ALD ALD abbr. adrenoleukodystrophy ALD, n.pr See adrenoleukodystrophy. ALD aldolase. ) and Vestar Capital Partners announced today that AlliedSignal has agreed to purchase Prestone Products Corporation from Vestar and Prestone management. Prestone, a leading supplier of premium car care products, including the world's top-selling antifreeze/coolant, has annual sales of approximately $300 million. Terms of the transaction were not announced. The transaction is expected to close in June 1997. "The acquisition of Prestone adds to our strong array of brands and reflects our strategy of adding more products and increasing our participation in the automotive aftermarket," said Lawrence A. Bossidy, Chairman and Chief Executive Officer of AlliedSignal Inc. AlliedSignal Automotive aftermarket brands include Garrett(R) turbochargers, FRAM (1) (Ferroelectric RAM) See FeRAM. (2) (Ferromagnetic RAM) A non-volatile memory that records microscopic bits on a magnetic surface. See MRAM. FRAM - Ferroelectric Random Access Memory (R) filters, Bendix(R) friction materials and brake parts, and Autolite(R) spark plugs. AlliedSignal Automotive, a unit of AlliedSignal Inc., is a $4.2 billion (sales) supplier of components and systems to car and truck manufacturers and the aftermarket. Its major products include turbocharging systems, friction materials, safety restraint systems, filters and spark plugs, and heavy-truck air brake air brake: see brake. air brake Either of two kinds of braking systems. The first, used by trains, trucks, and buses, operates by a piston driven by compressed air from reservoirs connected to brake cylinders (see piston and cylinder). systems. With the addition of Prestone, aftermarket products will account for more than half the sales of AlliedSignal Automotive. Bossidy said that Prestone is a strong financial performer, with highly efficient manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. , a market-leading brand, attractive margins and an experienced, entrepreneurial management team. "Prestone is one of the premier brands in the automotive aftermarket," said John W. Barter, President of AlliedSignal Automotive. "AlliedSignal has tremendous opportunities to grow Prestone sales by working with our wholesale distribution partners 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. and by increasing Prestone's global presence." "We are delighted to join the AlliedSignal Automotive family, and look forward to extending the reach of Prestone through AlliedSignal's worldwide distribution network," said David Lundstedt, President and Chief Executive Officer of Prestone. Headquartered in Danbury, Connecticut, Prestone Products Corporation was formed in August 1994 following a management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. of the business from First Brands Corporation. Since then, Prestone has introduced 25 new products, including Driveway Heat ice melter, Windshield De-Icer washer fluid and Tire Jack tire inflator and sealer sealer, n a substance used to fill the space around silver or gutta-percha points in a pulp canal. Most contain some combination of zinc, barium, and bismuth salts and eugenol, Canadian balsam, and eucalyptol. . "Prestone's ability to introduce innovative high-quality products that capitalize on its brand franchise fits perfectly with our drive to accelerate sales growth," said Steven S. Price, President of AlliedSignal Automotive Aftermarket. "Vestar has enjoyed its successful association with the Prestone management team and is pleased that they will be able to continue the outstanding growth of the Prestone brand under the leadership of a company as highly respected as AlliedSignal," said Robert L. Rosner, Managing Director of Vestar. The transaction is subject to the expiration of the waiting period under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. . Prestone Products Corporation employs approximately 270 people at manufacturing plants in California, Illinois and New Jersey, and a state-of-the-art research and development facility in Danbury. AlliedSignal Inc. is a $14 billion (sales) advanced technology and manufacturing company serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials. Vestar Capital Partners is a leading private investment firm specializing in management buyouts, recapitalizations and growth equity investments. Vestar, which manages over $1 billion of equity capital, has invested in 20 companies since 1988, including Celestial Seasonings, Pyramid Communications, Remington Products Company and Westinghouse Air Brake Company The air brake was invented by George Westinghouse of New York State in 1868. He moved to Pittsburgh, Pa., where he established the Westinghouse Air Brake Company (WABCO). . Paine Webber Incorporated acted as financial advisor to Prestone. CONTACT: AlliedSignal Inc. AlliedSignal Automotive Mark Greenberg Jim Fisher 201-455-5445 810-827-5454 or Vestar Capital Partners Robert Rosner 212-949-6506 |
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