Canhorn Chemical Corporation - Riba Corporation to Acquire Fairfield Technologies Inc.TORONTO--(BUSINESS WIRE)--July 13, 1998-- Canhorn Chemical Cor(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNH CNH Carteira Nacional de Habilitação CNH Centro Nacional de Huracanes (Spanish) CNH California Nevada Hawaii (a district of Kiwanis International) CNH Club Náutico Hacoaj .) Canhorn Chemical Corporation (CNH-TSE) announced today that Riba Corporation, 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. , has reached an agreement in principal to acquire the assets and business of Fairfield Technologies Inc., a Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. based producer of natural chemicals for the flavour and fragrance industries. Riba Corporation, with operations in Decatur, Illinois
In making the announcement, Peter J. Fass, Chief Executive Officer of Riba and the Company, underscored the powerful and unique position the new company, to be named Riba-Fairfield Inc. would occupy producing both natural and synthetic chemicals for these demanding industries, domestically and internationally. John Kahn, Founder and President of Fairfield Technologies will become Vice President of Operations of the new company and will join Riba's Board of Directors. Richard Barra, Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Riba, will continue in that role. Capacity for natural chemical production will be immediately enhanced through added utilization of Riba's existing facilities. Fairfield's key people and production equipment will be transferred to and consolidated in Decatur. The Cincinnati location will be closed. Additional capital investment will be made in Decatur to expand capacity for the Fairfield natural chemicals as well as for the Riba line of synthetic materials. Financing for the acquisition and capital expansion will be provided through a private equity placement presently being arranged by the Company. The transaction, subject to further due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and regulatory approval, is expected to close during the present calendar quarter.
CONTACT: Canhorn Chemical Corp., Toronto
Peter J. Fass, 212/949-4141
or
Canhorn Chemical Corp.
Michael D. Coulter, 416/368-3332
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion