CamVec Corporation Announces Acquisition of Kord Products Limited.MISSISSAUGA, Ontario--(BUSINESS WIRE)--June 27, 1996--CAMVEC CORPORATION (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CV) (CamVec 1996/97 Revenues will Exceed $100 Million) (CamVec) today completed agreements with Mr. Ralph Welsh and two Welsh family corporations whereby CamVec acquired all of the outstanding shares of Kord Products Limited (Kord) in consideration of 600,000 CamVec shares for $1.8 million and future cash consideration up to a maximum of $1.2 million subject to certain profit levels being achieved. In addition, CamVec has arranged new financing of approximately $14 million retiring previous Kord bank debt. Kord was established in 1968 to produce sterile pill vials and petri dishes for the pharmaceutical and laboratory trades and is today positioned as an innovative North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. leader in the production of thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. and moulded fibre containers servicing the horticultural, medical, labware and specialty packaging industries throughout Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . The company's extensive product lines are manufactured by plastic injection moulding, vacuum forming Vacuum forming, commonly known as Vacuforming, is a simplified version of thermoforming, whereby a sheet of plastic is heated to a forming temperature, stretched onto or into a single-surface mold, and held against the mold by applying vacuum between the mold surface and the , injection-blow moulding and moulded fibre processes. With total assets of more than $41 million and over 400,000 square feet of manufacturing and distribution space in 6 facilities (4 company-owned) in Brampton and Burlington, Ontario, Lugoff, South Carolina Lugoff is a census-designated place (CDP) in Kershaw County, South Carolina, United States. The population was 6,278 at the 2000 census. Geography Lugoff is located at (34.220455, -80.691826)GR1. , and a horticultural distribution system centred in California, Kord last year generated sales of $86 million. Mr. Ralph Welsh, one of the founders of the business, will continue as President to lead Kord's further growth and development and its strong team of over 400 dedicated employees. On numerous occasions over the past two years CamVec has expressed its desire to add another growth-oriented segment to the business to augment seasonal factors in the corporation's strong and growing AMJ AMJ Academy of Management Journal AMJ American Muslims for Jerusalem AMJ Advisory Material Joint AMJ Ahmadiyya Muslim Jamaat AMJ Ahmadiyya Muslim Jama'at Campbell Van Lines Division. Today's Kord acquisition brings seasonal elements which are opposite to those typical of the household moving segment of the AMJ Campbell business, thus establishing more consistent levels of consolidated sales and earnings throughout CamVec's current and future fiscal years. It is also expected that the Kord acquisition will contribute toward most effective utilization of CamVec's expiring tax loss position. It is anticipated that inclusive of Kord's operations for nine months, CamVec's consolidated revenues for the current fiscal year will exceed $100 million (fiscal 1996 - $28 million) and CamVec's net earnings will improve over 1995/96 net earnings of $2.3 million (43 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. ). CONTACT: CamVec Corporation Arthur W. Walker, 905/795-3456 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion