Aqua Care and Duriron announce pending sale of Duriron 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)--March 5, 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 The Duriron Co. Inc. (NASDAQ:DURI) announced Wednesday that they have signed a letter of intent in which Aqua Care will purchase the assets and assume 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 Duriron. Duriron and Aqua Care said that closing of the transaction is expected by March 31, 1997, subject to the completion of the definitive purchase agreement and Aqua Care's financing arrangements. The terms of the pending 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: "We look forward to adding the FSD business to the Aqua Care family. FSD makes highly respected filtration systems and metering pumps which complement our existing products in the water filtration/purification and wastewater treatment businesses. FSD also has a skilled workforce and proven manufacturing facilities which will significantly increase the production capabilities of Aqua Care. We also see many synergies between our existing businesses and FSD, which had 1996 sales of over $14.7 million." William M. Jordan, chairman and CEO of Duriron, added: "The FSD operations are a small part of our global business and do not fit our strategic direction. Completion of this divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). will help us focus more management attention on our growing core businesses which meet the fluid handling needs of the chemical process industries." 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., Di-tech Systems Inc. and Integrated Process Automation Systems Inc. Duriron reported 1996 sales of $605.5 million with net earnings of $43.3 million. Incorporated in 1912, Duriron 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 Control valves are valves used within industrial plants and elsewhere to control operating conditions such as temperature, pressure, flow, and liquid level by fully or partially opening or closing in response to signals received from controllers that compare a "setpoint" to a , 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion