DRS INDUSTRIES ACQUIRES STOCK
DRS INDUSTRIES ACQUIRES STOCK NEW YORK, June 19 /PRNewswire/ -- DRS Industries, Inc.
(NASDAQ: DRSS), formerly known as The Longwood Group, Ltd., today announced that it has acquired all of the stock of Mandel-Kahn Industries, Inc., a Texas-based service merchandiser of health and beauty care and general merchandise products to supermarkets.
Simultaneously with the acquisition, Mandel-Kahn's existing lender, Texas Commerce Bank, has extended its revolving loan facility for a year and has increased the amount of working capital financing available to Mandel-Kahn under it. DRS also contributed to Mandel-Kahn $1.5 million of new equity. The company further announced that Bill M. Wootton, who has served as chief operating officer of Mandel-Kahn since August 1991 and has over 20 years of experience in the distribution business, has been named president and chief executive officer of Mandel-Kahn. John A. Selzer, chief executive officer of DRS, stated "We are pleased that we have been able to successfully complete this acquisition. We believe Mandel-Kahn will play a significant role in the future growth of DRS." -0- 6/19/92 /CONTACT: John A. Selzer or John D. Gioioso of DRS Industries, 212-980-9670/ (DRSS) CO: DRS Industries Inc. ST: New York IN: HOU SU: TNM
LR-TS -- NY042 -- 1945 06/19/92 13:01 EDT
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|Date:||Jun 19, 1992|
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