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KATY INDUSTRIES EXECUTES DEFINITIVE MERGER AGREEMENT

 ELGIN, Ill., March 24 /PRNewswire/ -- Katy Industries, Inc. (NYSE: KT) announced today that it has executed a definitive merger agreement relating to the previously announced merger pursuant to which certain members of the Carroll family will acquire all of the common stock of Katy not already owned by such members at a price of $25.75 per share in cash through a merger of a family-owned corporation into Katy.
 Katy said that, as previously announced, the merger agreement will be submitted to a vote of Katy's stockholders pursuant to proxy material to be filed with the Securities and Exchange Commission. Katy further said that, as previously announced, members of the Carroll family who hold over 52 percent of Katy's outstanding common stock have agreed to vote in favor of the merger.
 Headquartered in Elgin, Katy Industries, Inc. is a diversified corporation with interests in industrial machinery, industrial components, and consumer products.
 -0- 3/24/93
 /CONTACT: Jacob Saliba, chairman and CEO, 617-266-4100, or J. Russell Jones, vice president and CFO, 312-379-1121, both of Katy Industries/
 (KT)


CO: Katy Industries, Inc. ST: Illinois IN: MAC SU: TNM

WB -- NY068 -- 9248 03/24/93 16:30 EST
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Publication:PR Newswire
Date:Mar 24, 1993
Words:195
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