Prestone Unit Of AlliedSignal Acquires Holt Lloyd Car Care Products.--(BUSINESS WIRE)--Nov. 17, 1997-- The Prestone Products unit of AlliedSignal Inc. (NYSE NYSE See: New York Stock Exchange : ALD ALD abbr. adrenoleukodystrophy ALD, n.pr See adrenoleukodystrophy. ALD aldolase. ) announced today that it has completed the purchase of Holt Lloyd Group Ltd. from Electra Fleming, Ltd. and Holt Lloyd management. Terms were not announced. Holt Lloyd makes automotive waxes, sealants, specialty cleaners, air fresheners air freshener n → ambientador m air freshener air n → désodorisant m air freshener air n → , additives, and paint products, which are sold in 80 countries, primarily in Europe and Asia, where it enjoys strong brand name recognition. Its key company-owned brands include Holts, Tyre Weld, Redex, Flexy and Start Pilote. In addition, Holt Lloyd has agreed to purchase the European and Asian operations of Simoniz. The company's estimated 1997 sales are $150 million. Holt Lloyd employs 640 people at five manufacturing sites in the UK, France, Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . Electra Fleming is a private equity specialist based in London. The acquisition will increase AlliedSignal's 1998 automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. sales in Europe by over 30%. "Holt Lloyd is a great strategic fit with our automotive aftermarket business," said David Lundstedt, President, AlliedSignal's Prestone Products unit. "It will provide access to new retail distribution channels in Europe and Asia for all of our automotive aftermarket products. It will also give us strong established brand names in Europe and Asia, and a particularly strong position in Japan. Holt's line of aftermarket products and brand recognition will complement the success of P Lloyd. "With the marketing muscle and resour which also includes friction materials, filte AlliedSignal is available on the Internet at hAEROSPACE/DEFENSE CHEMICALS/PLASTICS MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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