Coltec To Acquire Certain Assets of Marine & Petroleum Mfg. Inc.CHARLOTTE, N.C.--(BUSINESS WIRE)--Sept. 9, 1997--Coltec Industries (NYSE NYSE See: New York Stock Exchange :COT) has reached an agreement in principle to acquire certain assets of Marine & Petroleum Mfg. Inc. (M&P). Terms of the transaction, which is scheduled to close in the fourth quarter, were not disclosed. In the transaction, Coltec is acquiring M&P's manufacturing facilities based in Houston, Burnet burnet, hardy perennial herb of the family Rosaceae (rose) found in temperate regions, usually with white or greenish flowers. The European species are sometimes cultivated for the leaves, which are used in salads, for flavoring, and formerly as a poultice to stop and Freeport, Texas Freeport is a city in Brazoria County, Texas within the Houston–Sugar Land–Baytown Metropolitan Area and is situated in Southeast Texas. As of the 2000 U.S. Census, the city population was 12,708 and is about sixteen miles away from Angleton. , which have combined annual sales of approximately $18 million. The transaction does not include M&P's distribution operation based in Orange, Texas. The plants being acquired produce flexible graphite and Teflon sealing products, including the well- regarded Tefonic and Graphonic gaskets used in critical sealing applications in the petrochemical industry. John W. Guffey, Jr., chairman, president and chief executive officer of Coltec Industries, said, "This acquisition broadens the proprietary sealing products of our Garlock Sealing Technologies Garlock Sealing Technologies, an EnPro Industries company NYSE: NPO, produces Klozure® Dynamic Seals and other quality sealing products. Garlock has a global presence, with 1,887 employees, at 15 facilities, in eight countries. unit, particularly in the important petrochemical market where Garlock seals are well recognized because of their ability to control fugitive emissions." Coltec Industries is a diversified manufacturing company serving primarily aerospace and general industrial markets. CONTACT: Coltec Industries, Charlotte Michael Dunn Michael Dunn (born Gary Neil Miller, reportedly on February 7, 1934 in Shattuck, Oklahoma; died August 30, 1973 in London) was a successful "little person" American actor. , 704/423-7060 |
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