Aqua Care and Durco International announce closing of sale of Durco Filtration Systems Division.DAYTON, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. and CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla.--(BUSINESS WIRE)--June 6, 1997--Aqua Care Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AQCR AQCR Air Quality Control Region (US EPA) AQCR Air Quality Control Regulation ) and Durco International Inc. (NASDAQ:DURI and formerly The Duriron Co. Inc.) announced Friday that they have closed a transaction in which Aqua Care has purchased the assets and assumed certain liabilities of the Filtration Systems Division ("FSD FSD Female Sexual Dysfunction FSD File System Driver FSD Family Support Division FSD Fire Services Department (Hong Kong) FSD Full Scale Development FSD Full Scale Deflection FSD Federal Systems Division ") of Durco. The terms of the transaction were not disclosed. William K. Mackey, chairman 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. of Aqua Care, said: "The addition of the FSD business to the Aqua Care family represents a major step forward for our company. We are delighted to now have the highly respected FSD filtration systems and metering pumps in our product lines. These products complement very nicely our existing products in the water filtration/purification and wastewater treatment businesses." William M. Jordan, chairman and CEO of Durco, noted, "Since the FSD operations were a small part of our global business and did not fit our strategic direction, we believe that the divestiture will be beneficial to both companies." Mackey added: "We are especially excited to bring FSD's skilled and experienced work force and quality manufacturing facilities into the Aqua Care organization. We believe that FSD's manufacturing capabilities will enable us to meet our customers' needs for high quality water filtration/purification and waste water treatment products in a more cost-effective manner than ever before. We also see many synergies between our existing Aqua Care businesses and FSD." According to the companies, FSD had 1996 sales of over $14.7 million. Aqua Care Systems Inc., based in Coral Springs, Fla., is a manufacturer and supplier of municipal, industrial, and residential water filtration and purification systems. Aqua Care Systems' subsidiaries include EnviroSystems Supply Inc., Pure Flow Water Co. Inc., Gravity Flow Systems Inc., Car Wash Equipment & Supplies Inc., KISS International Inc., Midwest Water Technologies Inc., Integrated Process Automation Systems Inc. and Di-tech Systems Inc. Durco reported 1996 sales of $605.5 million with net earnings of $43.3 million. On May 6, 1997 Durco announced its signing of a definitive merger agreement with BW/IP Inc. (NYSE NYSE See: New York Stock Exchange :BWF BWF Badminton World Federation BWF British Woodworking Federation (London, UK) BWF Broadcast WAV Format BWF British Walking Federation BWF Babilonia Wilner Foundation (Manila, Philippines) ) involving a stock-for-stock merger of equals. This transaction is subject to shareholder approval and the expiration of applicable waiting periods under federal antitrust law antitrust law Any law restricting business practices that are considered unfair or monopolistic. Among U.S. laws, the best known is the Sherman Antitrust Act of 1890, which declared illegal “every contract, combination…or conspiracy in restraint of trade or . Incorporated in 1912, Durco serves the diverse needs of the chemical process industries through the efforts of its 3,900 employees and a worldwide network of manufacturing and sales facilities. Its product lines include centrifugal process pumps, automatic control valves, rotary valves and associated automation equipment, mechanical seals and sealing systems, laboratory drainage pipe and fittings, and high alloy castings. CONTACT: Aqua Care Systems Inc., Coral Springs William K. Mackey, Chairman, C.E.O., 954/796-3338 |
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