Printer Friendly

GREAT LAKES ANNOUNCES ACQUISITION

 WEST LAFAYETTE, Ind., June 23 /PRNewswire/ -- Emerson Kampen, chairman, president, and chief executive officer of Great Lakes Chemical Corporation (NYSE: GLK), today announced the company has purchased Chemische Werke LOWI GmbH & Co. (Lowi). The terms include an approximate $12 million cash payment plus future considerations.
 Making the announcement before a meeting of the New York Society of Specialty Chemical Analysts, Kampen stated, "Lowi is a leading manufacturer of anti-oxidants and UV-absorbers, serving not only the plastics industry, but the rubber and adhesives industries as well. We anticipate Lowi will contribute approximately $50 million in revenues in the first year of ownership.
 "The addition of Lowi fits precisely with our strategy for expanding Great Lakes' worldwide plastics additives business," he added. "In one move, we have bolstered our European presence by adding Germany-based Lowi to Great Lakes Chemical France S.A. Secondly, we have expanded our technology base in anti-oxidants and UV-absorbers to include hindered amines (HALS)."
 Kampen indicated the acquisition will be completed by the end of June. He concluded, "At that time, our plastics additives business, not including flame retardants, will exceed $100 million in revenues. We believe this business will offer another excellent avenue for continued growth."
 Great Lakes Chemical Corporation, a Fortune 500 company, is the world's leading producer of bromine, brominated chemicals and furfural derivatives for such applications as flame retardants, agriculture, oil and gas well completion fluids, water sanitizers and other specialty applications. The stock of the company is traded on the New York Stock Exchange.
 -0- 6/23/93
 /CONTACT: David R. Bouchard or Gregory J. Griffith, both of Great Lakes Chemical Corporation, 317-497-6100/
 (GLK)


CO: Great Lakes Chemical Corporation; Chemische Werke LOWI GmbH & Co. ST: Indiana IN: CHM SU: TNM

AR -- CL016 -- 5039 06/23/93 13:18 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:Jun 23, 1993
Words:296
Previous Article:HOLLY RESIDENTIAL PROPERTIES INC. DECLARES FIRST DIVIDEND
Next Article:FORD EXPECTS RECORD EXPORTS IN 1993
Topics:


Related Articles
GREAT LAKES EXPANDS EUROPEAN PRESENCE
GREAT LAKES ANNOUNCES ACQUISITION OF HUNGARIAN CHEMICAL TRADING COMPANY
GREAT LAKES COMPLETES ACQUISITION OF HUNGARIAN CHEMICAL TRADING COMPANY
GREAT LAKES' BIO-LAB SUBSIDIARY AGREES TO PURCHASE AQUACHEM
GREAT LAKES TO SELL LUBE ADDITIVES BUSINESS
GREAT LAKES COMPLETES ENICHEM ACQUISITION
GREAT LAKES ANNOUNCES TENDER OFFER FOR NOWSCO SHARES
GREAT LAKES RECEIVES HART-SCOTT-RODINO CLEARANCE ON NOWSCO ACQUISITION
GREAT LAKES WILL NOT EXTEND OR INCREASE NOWSCO OFFER
Great Lakes Sells E/M Corporation Subsidiary

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