ENVIRONMENTAL TECHNOLOGIES, USA, INC. COMPLETES ACQUISITION OF EVERGREEN SOLUTIONS, INC.
MINNEAPOLIS, March 2 /PRNewswire/ -- Environmental Technologies, USA, Inc. (NASDAQ: ENVR) (ETI) announced today that it has completed the acquisition of Evergreen Solutions, Inc. through ETI's Clean Green Packing Company subsidiary. The combined companies, newly named the Clean Green Packing Company of Minnesota, represent the largest manufacturer and marketer of biodegradable loose-fill packing material in the state. The value of the acquisition, which includes the exchange of stock and cash between Evergreen Solutions and ETI, is approximately $2.4 million. Clean Green Packing and Evergreen Solutions had announced the intention to merge in December 1992. The merged company will be located in the manufacturing and office space of Clean Green Packing in Minneapolis. Robin R. Young is chief executive officer of the merged company. Clean Green Packing Company of Minnesota manufactures a starch-based loose-fill packing material that is an environmentally friendly alternative to polystyrene packing peanuts. The raw material for Clean Green's product is wheat and corn starch which is biodegradable. Combined, the new company will have more than 500 customers located throughout the country. For the year ended Dec. 31, 1992, Clean Green Packing had sales of approximately $684,000 and Evergreen Solutions had sales of approximately $570,000. Young said, "The merger of Clean Green and Evergreen Solutions will give the companies needed volume efficiencies and allow us to better serve our growing customer base. Our goal as a combined company is to be the premier manufacturer of loose-fill packing material in the Midwest Region." Environmental Technologies USA, Inc. is a Minneapolis-based corporation that invests in companies that provide environmental solutions. Its subsidiary Clean Green Packing Company of Minnesota develops, manufactures and markets a biodegradable loose-fill packing material that replaces polystyrene. Another subsidiary, United Recycling, Inc. converts post-consumer carpeting into polymer resin suitable for remanufacturing. -0- 3/2/93 /CONTACT: Robin R. Young, CEO of Environmental Technologies, 612-789-5933 or Joanne Henry of Henry Communications, 612-925-4482, for Environmental Technologies/ (ENVR)
CO: Environmental Technologies, USA, Inc. ST: Minnesota IN: ENV SU: TNM
AL -- MN012 -- 2089 03/02/93 15:40 EST
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|Date:||Mar 2, 1993|
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