Dayton Superior Corporation signs letter of intent to acquire Symons Corporation.MIAMISBURG, Ohio--(BUSINESS WIRE)--April 22, 1997--Dayton Superior Corporation (NYSE NYSE See: New York Stock Exchange :DSD (Direct Stream Digital) See SACD. ) today announced that it had signed a letter of intent to acquire Symons Corporation. Symons is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of prefabricated pre·fab·ri·cate tr.v. pre·fab·ri·cat·ed, pre·fab·ri·cat·ing, pre·fab·ri·cates 1. To manufacture (a building or section of a building, for example) in advance, especially in standard sections that can be easily shipped and concrete forming equipment. In addition, Symons Corporation also manufactures a broad line of concrete accessories and hardware. John A. Ciccarelli, Dayton's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "We are pleased to be able to acquire a company of Symons' stature. This joining of our companies will give us a fourth platform, the Forming Business, to complement our established lines of business, Concrete Accessories, Masonry masonry: see brick; concrete; stonework; tile. masonry Craft of building in stone, brick, or block. By 4000 BC, Egypt had developed an elaborate cut-stone technique. (Dur-O-Wal) and Paving (American Highway Technology). Symons is a quality company and, together with its capable management team, we will continue to strive to provide better value to our combined customer base." "Symons is a leading manufacturer of prefabricated concrete forms -- the reusable re·use tr.v. re·used, re·us·ing, re·us·es To use again, especially after salvaging or special treatment or processing. re·us , modular molds used to hold liquid concrete in place on most concrete construction jobs. We estimate that this is a $300 to $400 million market that Dayton Superior does not currently serve. However, many of our existing customers use Symons forming systems, and we are excited about being able to offer these customers a broader product line in the future," added Mr. Ciccarelli. "We look forward to working together with Symons' nearly 1,000 employees. Most Symons' employees have decades of experience serving customers in the concrete construction industry and will be major contributors to the success of the combined business moving forward." Mr. Ciccarelli continued to say that: "We currently do not have specific plans for changes at either Dayton Superior or Symons. Over the next several months, a joint task force of Dayton Superior and Symons people will be working together to develop a plan to maximize the business potential for growth in the years ahead." Symons had sales of $104.5 million for its fiscal year ended August 31, 1996, and thus this acquisition would increase Dayton Superior's revenue base by roughly 80%. Mr. Ciccarelli noted that the acquisition - for a total cash consideration of approximately $79 million - would be modestly accretive to earnings per share in 1997 and should enable the combined company to record higher sales and earnings growth over time than was likely for either company as a stand alone unit. The transaction has been approved by Dayton Superior's Board of Directors, but is subject to negotiation of a definitive acquisition agreement, expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the applicable waiting period under federal antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... and the obtaining of satisfactory financing. Dayton Superior is the largest North American manufacturer and distributor of metal accessories used in concrete and masonry construction. The company's products are used primarily in two segments of the construction industry: non-residential buildings and infrastructure construction projects. CONTACT: Dayton Superior Corporation John A. Ciccarelli, 937/866-0711, Ext. 400 |
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