Cohesant Technologies reports partial closing of St. Louis production facility.CLEVELAND--(BUSINESS WIRE)--Aug. 21, 1996--Cohesant Technologies Inc. (Nasdaq:COHT) today announced that a portion of its American Chemical subsidiary's St. Louis production facility would remain closed until the completion of investigations and capital repairs necessitated by the fire that occurred on August 6, 1996. The fire occurred in a section of American Chemical's St. Louis plant that handles solvent-based materials. As was reported by the St. Louis news media, three employees were injured in·jure tr.v. in·jured, in·jur·ing, in·jures 1. To cause physical harm to; hurt. 2. To cause damage to; impair. 3. and one remains hospitalized in serious condition. "I deeply regret that our people were injured," commented Morton A. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Cohesant's Chairman and Chief Executive Officer, "and my heart goes out to their families. I am gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the way everyone else involved managed the situation to contain the damage." The company maintains comprehensive casualty and business interruption insurance Noun 1. business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril and is preparing its insurance claims. While the damaged section of the plant is being repaired, production of solvent-based adhesives and sealants is being outsourced and product deliveries are on schedule. Production of the company's other adhesives and sealants has not been affected. It is too early to estimate any effect the accident may have on fiscal 1996's third and fourth quarter earnings. "On a more positive note, American Chemical's coatings and sealants business had begun to experience a pickup in orders this quarter," Mr. Cohen added, "and we expect Cohesant to be profitable for the quarter ending August 31." Cohesant Technologies Inc. designs, develops, and manufactures specialized spray finishing and coating application equipment and specialty coating, adhesive, and sealant Sealant A thin plastic substance that is painted over teeth as an anti-cavity measure to seal out food particles and acids produced by bacteria. Mentioned in: Tooth Decay sealant see bone sealant. products through its two subsidiaries: Glas-Craft, Inc. and American Chemical Company. Glas-Craft manufactures spray finishing and coating equipment that meets strict new clean-air standards. American Chemical Company manufactures and sells over 250 coating, adhesive, and sealant products, including Aquatapoxy(R) and the recently acquired Raven line of high-performance coating systems that are resistant to water and corrosive corrosive /cor·ro·sive/ (kor-o´siv) producing gradual destruction, as of a metal by electrochemical reaction or of the tissues by the action of a strong acid or alkali; an agent that so acts. breakdown by most acids and solvents and can be used in drinking water drinking water supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. systems. CONTACT: Cohesant Technologies Inc., Cleveland Morton A. Cohen, 216/861-6266 |
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