Canberra Industries Announces Completion of Recapitalization; Changes Name to Packard BioScience Company.MERIDEN, Conn.--(BUSINESS WIRE)--March 4, 1997-- Canberra Industries, Inc. announced today that it has completed a recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the Company. In connection with the recapitalization, the Company changed its name to Packard BioScience bioscience /bio·sci·ence/ (-si´ens) the study of biology wherein all the applicable sciences (physics, chemistry, etc.) are applied. bi·o·sci·ence n. See life science. Company. Pursuant to the recapitalization transaction, affiliates of Stonington Partners, Inc. have invested approximately $71.5 million in the Company's common stock, and the Company's management and certain investors have retained an approximate $31.5 million equity investment in the Company. The Company has completed a tender offer in which it repurchased its remaining shares for $22.25 per share in cash. Packard BioScience Company, formerly Canberra Industries, Inc., is a leading developer, manufacturer and marketer of analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. instruments and related products and services for use in the drug discovery and molecular biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller segments of the life sciences industry and in the nuclear instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. industry. The Company had consolidated worldwide sales in 1996 of approximately $184 million and employed approximately 980 persons in facilities 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. and overseas. Stonington Partners is a private investment firm that acts as management company for Stonington Capital Appreciation 1994 Fund L.P., a $1 billion fund formed to make controlling investments in privately negotiated acquisitions sponsored by Stonington Partners and management. The principals of Stonington Partners have been organizing investments since 1981, having closed 45 transactions with an aggregate value of approximately $21 billion. CONTACT: Packard BioScience Ben D. Kaplan 203/639-2333 or Stonington Partners Judith Witterschein 212/339-8536 |
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