FMC Corporation to purchase FranRica.announced it has signed a definitive agreement to acquire the business and assets of FR Mfg. Corporation, a subsidiary of Bridge Atlantic Corporation of Garfield, N.J. FR Mfg. Corp., a Stockton, Calif.-based company, is a full-line, global supplier of tomato processing equipment and aseptic aseptic /asep·tic/ (-tik) free from infection or septic material. a·sep·tic adj. Of, relating to, or characterized by asepsis. systems sold under the FranRica tradename. FMC See fixed mobile convergence. is also acquiring the assets of Ramacher Manufacturing Inc., 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 FR Mfg. Corp. that manufactures nut-harvesting equipment. Terms of the transaction were not disclosed. The transaction is scheduled to be completed by the end of the third quarter. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Charles H. Cannon, FMC vice president and general manager of the company's Food Machinery Group: ``FMC is excited about the market potential for tomato processing equipment, and we see this acquisition as strengthening our position in the fruit and vegetable processing industry. Coupled with our existing product lines, we will be able to offer a comprehensive line of equipment capable of meeting our customer's needs.'' He noted that the citrus industry also is an important market for FranRica's aseptic systems: ``FranRica is a recognized world leader in the growing market for bulk aseptic tank filling and farm systems, and can benefit from FMC's strong product lines and leading technologies in the citrus industry.'' The FranRica business was established in 1966 by Albert Rica and Lloyd Hay. In 1976, the business was purchased by Bishopric Products, of 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. , and in 1985, by Bridge Atlantic Corporation, a wholly owned subsidiary of SIW SIW Simulation Interoperability Workshop SiW Sinnlos Im Weltraum (German Star Trek spoof) SIW Substrate Integrated Waveguide SIW Self-Inflicted Wounds SIW Service Interworking (ATM, frame relay, etc. of Paris, France. FMC said FranRica will operate as a business unit of FMC's Food Processing Systems Division. FMC Corporation is one of the world's leading producers of chemicals and machinery for industry, government and agriculture. The Chicago-based company reported annual sales of $4 billion in 1994, with international sales to more than 100 countries accounting for more than 49 percent of total annual revenues. FMC employs 21,000 people at 97 manufacturing facilities and mines in 21 countries. The company divides its businesses into five major segments: Industrial Chemicals, Performance Chemicals, Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. , Debense Systems, and Machinery and Equipment. CONTACT: FMC Corporation Media Contact: Pat Brozowski, 312/861-6104 Investor Relations Investor relations The process by which the corporation communicates with its investors. : Lisa Azzarello, 312/861-6921 or Madera Ken Jones, 209/661-3373 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion