U.S. Industries to sell QPF to The Hood Companies for $43.2 million.LONDON, ENGLAND and ISELIN, N.J.--(BUSINESS WIRE)--Nov. 8, 1996-- U.S. Industries Inc. (NYSE NYSE See: New York Stock Exchange :USI) announced today that it has signed an agreement to sell certain assets of its QPF QPF Quantitative Precipitation Forecast (National Weather Service) , Inc. subsidiary to The Hood Companies for cash of $43.2 million. QPF manufactures and sells biaxially oriented polypropylene films and has offices and a production facility in Streamwood, Ill. For the nine months ended June 30, 1996, QPF 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 $3.5 million on sales of $37.0 million. The transaction is subject to Hart Scott Rodino approval and other customary closing conditions. USI expects to record a small gain on the transaction. The Hood Companies, a privately held group of companies headquartered in Hattiesburg, Miss., is comprised of Atlas Roofing Corporation, Hood Industries, Inc. and Southern Bag Corporation. 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 Corporation 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. 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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