U.S. INDUSTRIES TO SELL BLUE MOUNTAIN INDUSTRIES TO HICKING PENTECOST PLC FOR $22.5 MILLION.ISELIN, N.J.--(BUSINESS WIRE)--October 2, 1995--U.S. Industries, Inc. (NYSE-USN) announced today that it has signed a definitive agreement to sell Blue Mountain Industries to Hicking Pentecost PLC, a publicly held U.K. company, for $22.5 million in cash. Blue Mountain, located in Blue Mountain, Alabama Blue Mountain is a town in Calhoun County, Alabama, United States. At the 2000 census the population was 233. It is included in the Anniston-Oxford, Alabama Metropolitan Statistical Area. Geography Blue Mountain is located at 33°41'19.028" North, 85°50'15.277" West (33. , is a major producer of threads and yarns for industrial and recreational applications. For the nine months ended June 30, 1995, Blue Mountain generated total operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of approximately $2.5 million on combined revenues of approximately $23.4 million. A pre-tax gain of approximately $6.0 million is expected to be recorded in connection with this transaction. The closing is expected to occur prior to October 30, 1995, and is subject to the approval of Hicking Pentecost's shareholders and other customary closing conditions. There will be a post-closing adjustment to the purchase price based on an audit of Blue Mountain's net working capital at closing. David H. Clarke, Chairman and Chief Executive Officer of U.S. Industries, said, "We are delighted that Hicking Pentecost is making this strategic purchase of Blue Mountain which is an excellent fit for them. At the same time the sale demonstrates further progress in our continuing program to deleverage our balance sheet." Hicking Pentecost, headquartered in South Glamorgan South Glamorgan (gləmôr`gən), former county, S Wales. Created in the 1974 governmental reorganization of Wales from portions of Glamorgan and Monmouthshire, in the 1996 reorganization it was divided between the unitary authorities of , Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , manufactures textiles, specialist industrial thread, and industrial products. U.S. Industries is a diversified industrial management corporation. Its companies include such well known businesses as Jacuzzi, Ames Garden Tools, Ertl Toys, Rexair Vacuum Cleaners, Lighting Corp. of America, EJ Footwear, Garden State Tanning tanning, process by which skins and hides are converted into leather. Vegetable tanning, a method requiring more than a month even with modern machinery and tanning liquors, employs tannin; its use is shown in Egyptian tomb paintings dating from 3000 B.C. , Farberware and Tommy Armour This article describes the early 20th century golfer Tommy Armour. If you are looking for the current golfer, see Tommy Armour III. Thomas Dickson Armour (September 24, 1894 – September 12, 1968) was a Scottish-American professional golfer. Golf. CONTACT: Diana Burton 908/767-2255 |
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