ADAGE TO REWARD EMPLOYEES WHO PURCHASE U.S. BUILT CARS
ADAGE TO REWARD EMPLOYEES WHO PURCHASE U.S. BUILT CARS WEST CHESTER, Pa., Feb. 12 /PRNewswire/ -- Adage, Inc.
(NASDAQ: ADGE), a producer of cold drawn steel, recycled paperboard, and electronic equipment and systems, announced today that any of its 850 employees who purchase an automobile, van or light truck assembled in the United States by Chrysler, Ford or General Motors will receive $300 worth of Adage common stock, if the vehicle is new, or $150 of Adage stock if it is used. This offer is effective immediately and continues until further notice.
Robert H. Cahill, president and chief executive officer, said, "This offer is designed not only to support the U.S. economy and domestic employment in general; it also relates directly to Adage's subsidiary, Niagara Cold Drawn Corporation, whose customers include the U.S. automotive industry and its suppliers. Niagara's cold drawn steel products are used in machine parts, tooling, engine parts, shafts, transmission components and other applications where close tolerances and improved mechanical properties are required. In addition, we believe that increasing the ownership of Adage shares among its employees is a sound corporate policy." Adage employees are located in California, Florida, Indiana, New York, Pennsylvania, Tennessee and Nebraska. The Niagara Cold Drawn subsidiary employs 120 at plants in Buffalo, N.Y. and Chattanooga, Tenn. The Fort Orange Paper Company subsidiary, manufacturers of recycled paperboard and cartons, employs 245 at Castleton, N.Y. The Allister Manufacturing Company subsidiary, manufacturers of garage door openers and other access control products and systems, employs 174 at West Chester; Harbor City, Calif. and Hendersonville, Tenn. The RELM Communications subsidiary, which was merged into Adage on Jan. 24, 1992, employs 292 at Melbourne, Fla.; Indianapolis, and Norfolk, Neb. RELM Communications manufactures electronic equipment including land mobile two-way radios and demand side management systems, which enable electric utilities to better manage electricity consumption. -0- 2/12/92 /CONTACT: Robert H. Cahill, president, or Robert T. Holland, CFO of Adage, 215-430-3900/ (ADGE) CO: Adage Inc. ST: Pennsylvania IN: AUT SU: TS-AH -- NY023 -- 9160 02/12/92 10:45 EST
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|Date:||Feb 12, 1992|
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