Crown Andersen Inc. Announces Acquisition of Griffin Environmental Company, Inc.PEACHTREE CITY, Ga.--(BUSINESS WIRE)--Feb. 23, 1999--Crown Andersen Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CRAN n. 1. A measure for fresh herrings, - as many as will fill a barrel. Cran a measure of fish, about 750 herrings, 1797. Noun 1. ), the Peachtree City, Georgia-based supplier of engineered products and systems for environmental control and waste processing, today announced that it had completed its previously disclosed acquisition of Syracuse, New York-based Griffin Environmental Company, Inc. effective December 1, 1998 for about $2.5 million in cash. Griffin, a privately held and well established designer and manufacturer of filtration products (baghouses, cartridge filters and similar equipment for industrial and environmental applications) reported net earnings of $302,833 on revenues of $5,903,764 in its last fiscal year ended March 31, 1998. Griffin will be operated as 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. of Crown Andersen Inc. The Griffin products are complimentary to Crown's Andersen 2000 Inc. and Montair Andersen b.v. products for treatment of industrial plant process gases for product recovery and for plant exhaust gas Exhaust gas is flue gas which occurs as a result of the combustion of fuels such as natural gas, gasoline/petrol, diesel, fuel oil or coal. It is discharged into the atmosphere through an exhaust pipe or flue gas stack. contaminant contaminant /con·tam·i·nant/ (kon-tam´in-int) something that causes contamination. contaminant something that causes contamination. removal. Griffin has specialized in "premium quality" products of stainless steels for food, high value, and pharmaceutical applications and in ultra heavy duty filtration products for the cement, rock products and minerals processing industries. The company has one of the most complete lines of fabric filtration products in the world. The Crown companies, with manufacturing 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 Holland and licensee manufacturing facilities in India and Japan, will open up the European and Asian markets to Griffin and Crown's worldwide sales and distribution network will greatly expand Griffin's potential markets in the United States and in all of the industrialized in·dus·tri·al·ize v. in·dus·tri·al·ized, in·dus·tri·al·iz·ing, in·dus·tri·al·iz·es v.tr. 1. To develop industry in (a country or society, for example). 2. countries of the world. Forward-Looking Statements This press release contains certain forward-looking statements. The Company's results may differ materially from those in the forward-looking statements. Forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that significantly affect expected results. For example, operating results may be affected by several external factors. Such factors include, but are not limited to, changes in the regulatory environment, general conditions in the environmental industry, the Company's competitive position, and economic conditions in international markets. |
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