DEXTER SIGNS CONTRACT TO PURCHASE VERNICOLOR A.G.
WINDSOR LOCKS, Conn., Feb. 15 /PRNewswire/ -- As part of a major thrust to strengthen its position in the global food packaging market, The Dexter Corporation (NYSE: DEX), a leading worldwide specialty materials manufacturer, announced today that it has signed a contract with Jallut S.A. for the purchase of all the shares of its subsidiary, Vernicolor A.G., a leading technology food can coatings manufacturer located in Gruningen, Switzerland with annual sales in excess of $20 million. Completion of the proposed purchase is subject to finalization of certain approvals. In making this announcement, K. Grahame Walker, president and chief executive officer, The Dexter Corporation said: "We are particularly pleased with the proposed acquisition because Vernicolor is highly regarded for its proprietary technology as a leading food can coatings manufacturer in Europe. Vernicolor products are entirely based upon proprietary technology and include high-performance white coatings for food can interiors and powder coatings for welded seams. Specialty materials used in food packaging is one of Dexter's five strategic global markets. The acquisition, which we expect to close in the first quarter of 1993, will place Dexter in a leadership position for both the food and beverage market segments in Europe." Mr. Walker also said the transaction will create important synergies for Dexter which is well positioned to market Vernicolor's proprietary technology in the United States and the Far East and thereby further enhance Dexter's position as a leader in supplying environmentally responsive coatings. Upon acquisition, the Vernicolor business will be operated by its present management and will report to Harold T. Crutcher, corporate vice president and senior division president of Dexter Packaging Products Division, headquartered in Waukegan, Ill. Dexter Packaging Products serves the global food packaging market producing protective interior and exterior coatings and end sealants for beer, soft drink and food cans; coatings for glass container closures and flexible packaging, and adhesives for microwavable packaging. In addition to the headquarters in Illinois, Dexter Packaging Products Division has facilities in Alabama, California, France, Wales, Japan, Singapore, Mexico and Venezuela. The Dexter Corporation is a Fortune 500 company producing specialty materials for customers in five strategic global markets: aerospace, automotive, electronics, food packaging, and medical. Founded in 1767, Dexter is the oldest company listed on the New York Stock Exchange. Consolidated net sales and earnings for 1992 were $951.4 million and $38.2 million, respectively. -0- 2/15/93 /CONTACT: Robert E. McGill III, 203-292-7607, or Kathleen Burdett, 203-292-7620 both of Dexter/ (DEX)
CO: Dexter Corporation ST: Connecticut IN: CHM SU: CON
LR -- NY004 -- 6515 02/15/93 10:36 EST
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|Date:||Feb 15, 1993|
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