BREED announces strategies in conference call.LAKELAND, Fla.--(BUSINESS WIRE)--July 10, 1996--BREED Technologies, Inc. (NYSE NYSE See: New York Stock Exchange :BDT BDT In currencies, this is the abbreviation for the Bangladesh Taka. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) held a conference call to address the recent acquisition of Gallino Plasturgia, S.r.l., and strategic plans to provide fully integrated occupant protection systems to automotive manufacturers throughout the world. The company disclosed the financial terms of the Gallino acquisition, indicating a purchase price of almost 50 percent of the interior component company's $250 million sales value. Gallino produces steering wheels, instrument panels, bumpers and other plastic trim components used in automotive original equipment and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. applications. The Gallino alliance was part of BREED's overall progressive expansion in Europe, and was developed to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. and enhance its commitment to providing the worldwide market fully integrated occupant protection systems. Company executives highlighted the fact that BREED has acquired six companies in the past two years, four in the area of electronic components and subassemblies and two in the area of steering wheels, interior components and automotive accessories. The company indicated that related non-recurring effects from these alliances will cause Fiscal Year 1996, fourth quarter earnings to be approximately 15 percent below the present consensus analyst projections of 64 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . BREED plans to announce fourth quarter earnings on July 24, 1996. CONTACT: BREED Technologies, Lakeland Media Relations Investor Relations Investor relations The process by which the corporation communicates with its investors. Lisa Spinazzola 941/668-6049 941/668-6464 |
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