CENTRAL SPRINKLER CORPORATION ANNOUNCES SIGNING OF AGREEMENT WITH SPRINK, INC.
LANSDALE, Pa., Aug. 12 /PRNewswire/ -- Central Sprinkler Corporation (NASDAQ: CNSP) announced today the signing of an agreement with Sprink, Inc. to purchase Sprink's fire sprinkler piping products business. Sprink, Inc. is a manufacturer and distributor of a wide range of pipe couplings and fittings and other products that are used in fire sprinkler systems. "The acquisition of Sprink offers Central unique growth opportunities," George G. Meyer, CEO of Central, said in making the announcement. "It moves Central closer to a strategic goal of manufacturing and distributing a full line of fire sprinkler products," Meyer added. The acquisition also provides Central with a broader product line for its customers as well as new customers. The acquisition will be accomplished by Central's purchase of substantially all of Sprink's operating assets and assumption of certain liabilities related to its piping products business. These assets consist primarily of inventory. Central will pay a purchase price of approximately $4.5 million over a
one-year period. The parties said they expect the closing to occur within the next week.
Central Sprinkler Corporation is a manufacturer and distributor of parts used in automatic fire sprinkler systems. /delval/ -0- 8/12/93 /CONTACT: Al Sabol of Central Sprinkler, 215-362-0700/ (CNSP)
CO: Central Sprinkler Corporation; Sprink, Inc. ST: Pennsylvania IN: SU:
MJ-CC -- PH022 -- 2280 08/12/93 16:47 EDT
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|Date:||Aug 12, 1993|
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