Printer Friendly

AMETEK OFFERS TO ACQUIRE CULLIGAN INTERNATIONAL WATER SYSTEMS INC. IN JOINT BID WITH ICAHN CORP. IN E-II HOLDINGS' CHAPTER 11 PROCEEDING

 PAOLI, Pa., May 24 /PRNewswire/ -- AMETEK (NYSE: AME), a "Fortune 500" manufacturer, announced today that it has executed an agreement that could provide it with an opportunity to acquire the Culligan International Company (Culligan), a subsidiary of E-II Holdings, Inc. (E-II), as part of proposals made by Icahn Holding Corporation (Icahn) and AMETEK in the Chapter 11 reorganization proceeding of E-II.
 Culligan is a leading worldwide manufacturer and distributor of preuse water treatment equipment. Through its Plymouth Products Division, AMETEK has been building a presence in this market.
 Under the terms of AMETEK's agreement with Icahn, if Icahn's and AMETEK's offers to acquire the principal operating subsidiaries of E-II are accepted and approved by the Bankruptcy Court in E-II's Chapter 11 proceeding, AMETEK would purchase all of the capital stock of Culligan for $265 million in cash, of which $175 million would be payable at closing. The balance of $90 million would be paid by Icahn to E-II at closing and would be reimbursed by AMETEK 90 days after the closing unless AMETEK exercises an option to require Icahn, or its subsidiaries, to purchase the shares of Culligan from AMETEK for $175 million in cash. AMETEK said that the $175 million portion of the purchase price payable at closing would be funded from available cash and committed bank financing.
 AMETEK's Chairman and Chief Executive Officer Walter E. Blankley, said, "Culligan is a strategic acquisition that would offer a major opportunity for AMETEK to build a worldwide franchise in water filtration. Our Plymouth Products Division has been in this business for many years and we understand the water quality field very well. Plymouth Products is expanding globally and now sells fluid filtration products in over 80 countries. The Culligan acquisition could add the critical mass we need to accelerate AMETEK's opportunities for this growing market."
 AMETEK, with over 6,000 employees worldwide, had 1992 sales of $770 million and net income of $44 million. The company has been listed on the New York Stock Exchange since 1930 and has increased dividend payments to stockholders for 43 consecutive years.
 /delval/
 -0- 5/24/93
 /CONTACT: William F. Cleary or Chelle L. Carlson of AMETEK, 215-647-2121/
 (AME)


CO: AMETEK, Inc.; Culligan International Company ST: Pennsylvania IN: MAC SU: TNM

MJ -- PH019 -- 1707 05/24/93 12:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 24, 1993
Words:385
Previous Article:WESTINGHOUSE AWARDED $54 MILLION CONTRACT FOR POWER GENERATING EQUIPMENT IN COLOMBIA
Next Article:NAIC GROWTH FUND DECLARES DIVIDEND
Topics:


Related Articles
AMETEK ACQUIRES FRENCH COMPANY TO EXPAND INTERNATIONAL WATER FILTRATION MARKET SHARE
CULLIGAN WATER TECHNOLOGIES ACQUIRES OPERATIONS AND MAINTENANCE BUSINESS
CULLIGAN WATER TECHNOLOGIES ACQUIRES BRUNER CORPORATION
CULLIGAN WATER TECHNOLOGIES ANNOUNCES PLANNED DEALER ACQUISITIONS AND RON BROWN AWARD
Culligan Announces Acquisition Of UK-Based Dewplan Limited; Awarded Increase In Caribbean Government Contract
Culligan Announces First Transaction Under Growth Partnership and Dealer Acquisitions
AMETEK Successfully Completes Consent Solicitation
AMETEK ANNOUNCES RECORD DATE FOR SPECIAL MEETING
Culligan Water Technologies Announces Dealer Acquisitions; Acquires Italian Water Treatment Company
United States Filter Corporation and Culligan Water Technologies, Inc. Announce Mailing of Proxy Statement/Prospectus and Setting of Dates, Times and...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters