Ashcroft Inc. to Be Acquired by Nagano Keiki Co., Ltd.STRATFORD, Conn. -- John McKenna John McKenna (1855 – March 1936) was an Irish self-made businessman and former rugby player, who was the first manager of Liverpool. He was a friend of John Houlding and remained with him after Everton left Anfield for Goodison Park. , 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. , announced today that an agreement has been signed for Nagano Keiki Co., Ltd. (Nagano) to acquire the majority assets of Ashcroft Holdings, Inc. ("Ashcroft") from KPS KPs keratic precipitates. Special Situations Funds ("KPS"). The assets of Ebro Electronics GmbH, headquartered in Germany, will remain in the KPS portfolio. McKenna further commented, "I am extremely excited about the opportunity to bring these two world class companies together. Ashcroft's strong brand and broad product portfolio, combined with Nagano's leading position in Japan, strong Asian presence, and superior technology, will create a major force in global pressure sensing. This new entity will provide enhanced products and services to customers worldwide." The sale is expected to close in the second quarter of 2006. About Nagano Keiki Co., Ltd. Nagano Keiki Co., Ltd. is a leading manufacturer of pressure gauges pressure gauge Instrument for measuring the condition of a fluid (liquid or gas) that is specified by the force the fluid would apply, when at rest, to a unit area, such as pounds per square inch (psi) or pascals (Pa). , transmitters, and temperature gauges A temperature gauge is a device used to indicate the temperature of an item being monitored. The display can be an analogue dial, an Analogue range or a digital readout. The word gauge would seem to exclude a thermometer, which uses the thermal expansion of a liquid, but in the primarily used in automobiles. The company also makes equipment for the semiconductor industry, such as pressure regulators, transducers, digital pressure gauges and power supplies. Listed on the Tokyo Stock Exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. , the company is headquartered in Tokyo, Japan. About Ashcroft Holdings, Inc. Ashcroft Holdings Inc. manufactures gauges, thermometers, switches, transducers, transmitters, calibration equipment and isolators for pressure and temperature measurement, monitoring and control. Product brands include Ashcroft(R), Heise(R), Willy(TM) and Weksler(R). As a global provider, Ashcroft Inc. maintains a network of manufacturing facilities, sales offices and distributors worldwide. Headquartered in Stratford, CT, it also has operations in Brazil, Germany, Canada, Mexico and Singapore and joint ventures in Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and Venezuela. The company's website can be accessed at: www.ashcroftinc.com. About KPS Special Situations Funds KPS Special Situations Funds are a family of private equity funds with over $600 million of committed capital focused on constructive investing in restructuring, turnarounds and other special situations. KPS has created new companies to purchase operating assets Operating Assets Another term for working capital. out of bankruptcy; established stand-alone entities to operate divested assets; and recapitalized highly-leveraged public and private companies. The KPS investment strategy targets companies with strong franchises that are experiencing operating and financial problems. KPS invests its capital concurrently with a turnaround plan predicated on cost reduction, capital investment, and capital availability. Typically, the KPS turnaround plan is accompanied by financial restructuring of the company's liabilities. The KPS investment strategy and portfolio companies are described in detail at the firm's website: www.kpsfund.com. |
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