Board of directors of MFRI approves acquisition of Thermal Care.NILES, Ill.--(BUSINESS WIRE)--Oct. 28, 1996--At a meeting held here today, the Board of Directors of MFRI MFRI Maryland Fire and Rescue Institute (USA) MFRI Military Family Research Institute , Inc. voted to approve the acquisition of the Thermal Care business and certain assets and liabilities of Midwesco, Inc. by the merger of Midwesco with and into MFRI. Prior to consummation of the merger, the other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and liabilities of Midwesco will be contributed to a newly-organized subsidiary of Midwesco, the shares of capital stock of which will be thereafter distributed to Midwesco's shareholders. The newly- organized corporation will continue the businesses of Midwesco not acquired by MFRI. Thermal Care engineers, designs and manufactures industrial water cooling Water cooling is a method of heat removal from components. As opposed to air cooling, water is used as the heat transmitter. Water cooling is commonly used for cooling internal combustion engines in automobiles and electrical generators. equipment. Thermal Care's products include chillers; cooling towers; pump and tank assemblies; temperature controllers; and water treatment equipment. Thermal Care's cooling products are used to optimize manufacturing productivity by quickly removing heat from manufacturing processes. The principal market for Thermal Care's cooling products is the plastics processing Plastics processing Those methods used to convert plastics materials in the form of pellets, granules, powders, sheets, fluids, or preforms into formed shapes or parts. industry. Thermal Care also sells its products to original equipment manufacturers, other cooling manufacturers on a private branded basis and to manufacturers in the laser, metallizing Metallizing is the general name for the technique of coating metal on the surface of non-metallic objects. Because a non-metallic object tends to be a poor electrical conductor, the object's surface must be made conductive before plating can be performed. , and reaction injection molding Reaction injection molding OR RIM Molding is similar to injection molding except that a reaction occurs within the mold. The process uses thermoset polymers (commonly polyurethane) instead of thermoplastic polymers used in standard injection molding. industries. In the year ended Jan. 31, 1996, Thermal Care had net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of approximately $20 million. Upon consummation of the merger, an aggregate of approximately 2.12 million shares of common stock of MFRI will be issued to the shareholders of Midwesco. Midwesco currently owns 1,717,666 shares of common stock of MFRI (38% of the shares outstanding), all of which will be canceled in the merger. The merger, which is subject to stockholder approval and customary closing conditions, is scheduled for completion in the fourth quarter of fiscal year 1997. Located in Niles, Illinois, MFRI is engaged in the manufacture and sale of filter bags for use in industrial air pollution control systems known as "baghouses," and also engineers, designs and manufactures specialty piping systems and leak detection and location systems. CONTACT: MFRI, Niles David Unger, 847/966-1000 |
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