Cambridge-Lee Industries to acquire Reading tube Corp.MEXICO CITY--(BUSINESS WIRE)--Sept. 18, 1996--Cambridge-Lee Industries Inc., a wholly-owned subsidiary of Industrias Unidas S.A. de C. V. (IUSA IUSA Indiana University Student Association ) has entered into a definitive agreement to acquire the assets of Reading Tube Corp. The transaction, which is subject to customary closing conditions, is expected to close on or around Sept. 25, 1996. This transaction ranks as one of the more significant acquisitions of a U.S. company by a Mexican company since the ratification of NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's . Details of the transaction were not disclosed. Cambridge-Lee is one of the largest distributors of copper tube, other plumbing-related products and industrial metals in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In addition, Cambridge-Lee has extensive distribution capabilities of its products in Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the Mid and Far East. IUSA, a Mexico-based diversified conglomerate, is one of the largest manufacturers of copper tube products in Mexico and has over 60 years of experience in the manufacturing of copper related products. Reading Tube Corporation is a Reading, Pennsylvania-based manufacturer of copper tube products. Carlos Peralta, vice chairman of IUSA, commented, "This transaction provides our U.S. and Mexican operations with significant strategic benefits through the ability to create a fully integrated North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. copper business with group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. in excess of U.S. $500 million. This acquisition, which combines IUSA's strong manufacturing capabilities in Mexico with the capacity and technology of Reading Tube paired with Cambridge- Lee's distribution network, will become one of the largest producers and distributors of copper tube and related products in the world." Victor Barreiro, 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. of IUSA commented, "This marriage will result in significant synergies for our company, providing our customers the best quality, delivery and service in the industry. Also with additional investment we will be in a position to export our products to the rest of the world, increasing employment in all of our locations." CONTACT: IUSA Teresa Bermea, 525/104-4020 |
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