Philip Environmental to Acquire Aluminum Processing Business in the USA.HAMILTON, Ontario--(BUSINESS WIRE)--May 22, 1996--PHILIP ENVIRONMENTAL(NYSE NYSE See: New York Stock Exchange : PEV PEV Partido Ecologista os Verdes (The Greens, Portuguese ecological party) PEV Prediction Error Variance PEV Positive Effect Variegation TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: PEN ) Philip Environmental Inc. ("Philip") announced today that it has entered into a definitive agreement to acquire the aluminum processing assets and business of Cousins, Inc. The purchase price of US $4.5 million will be settled in cash and Philip shares. The business operates aluminum smelting and deoxidizer de·ox·i·dize tr.v. de·ox·i·dized, de·ox·i·diz·ing, de·ox·i·diz·es To remove oxygen from (a compound); reduce. de·ox manufacturing facilities in Painesville, Ohio and generates annual revenue of approximately US $45 million. Closing of the transaction is subject to the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and is expected to take place on or before June 14, 1996. "This acquisition will provide Philip with a significant base from which to expand its aluminum recycling capabilities and services to the steel industry in the USA" said Allen Fracassi, 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. . "It is an important step towards consolidating our position as a leading supplier of resource recovery and industrial services to targetted industry sectors across North America." Utilizing two large rotary kiln furnaces, the operation processes aluminum dross, a by-product of aluminum smelting, on a tolling basis. Aluminum dross is received from smelters, foundries and die casters and for a processing fee recovered aluminum is returned to these smelters or secondary aluminum manufacturers for reuse. This acquisition will expand the Company's strong Canadian market position and experience in processing aluminum dross into the significant US market. The plant also operates two reverberating re·ver·ber·ate v. re·ver·ber·at·ed, re·ver·ber·at·ing, re·ver·ber·ates v.intr. 1. To resound in a succession of echoes; reecho. 2. furnaces to melt aluminum scrap and produces deoxidizing products. Deoxidizers are used by the steel industry to control oxygen content in the steel making process, and as a slag conditioner. Cousins is recognized as a high quality and significant producer of deoxidizers. Philip will integrate this business into its Metals Recovery Group to expand its capability to deliver resource recovery and industrial services to the steel industry. Philip is a fully integrated resource recovery and industrial services company, with operations throughout the United States and Canada. The Company is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "PEV" and on the Toronto and Montreal Stock Exchanges under the symbol "PEN". The Company's news releases are now available through Canadian Corporate News' Internet Home Page: http://www.cdn-news.com CONTACT: Philip Environmental Inc. Allen Fracassi, 905/521-1600 |
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