CREDIT FIRMS MERGING; PMT TO BUY RIVAL IN VALLEY.Byline: Ben Sullivan Daily News Staff Writer A Nashville, Tenn.-based credit card authorization firm said Thursday that it has signed a definitive agreement to buy Chatsworth-based American Heritage American Heritage can refer to:
n. A card issued by a bank authorizing the holder to receive bank services and often functioning as a debit card. . PMT See photomultiplier tube. Services Inc. did not disclose how much it paid for American Heritage, though the deal was paid for with shares of publicly traded PMT. American Heritage, which last year had approximately $26 million in revenues, manages about $800 million in electronic credit card transactions annually for approximately 17,000 clients. It provides supplementary services for an additional $1.8 billion worth of transactions annually. PMT 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. Richardson Roberts said the acquisition will help PMT diversify its product line. The American Heritage purchase is the third this quarter for PMT. Nick Ferrante, American Heritage founder and president, said he will remain head of the company when it becomes a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of PMT. The acquisition will not lead to any layoffs at American Heritage, he said. ``All employees will continue to have jobs and management will have their careers as long as they want to,'' Ferrante said. |
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