Printer Friendly

GROW GROUP ANNOUNCES LETTER OF INTENT FOR PURCHASE OF SPECIALTY CHEMICAL COMPANY

 NEW YORK, May 19 /PRNewswire/ -- Grow Group, Inc. (NYSE: GRO), announced today that it has signed a letter of intent to purchase all of the stock of Zynolyte Products Company. The letter commits Grow and an entity, which will hold the stock of Zynolyte on behalf of Standard Brands Paint Company, to enter into immediate and exclusive good faith discussions to negotiate and execute a definitive purchase agreement with respect to the acquisition by Grow of Zynolyte on or about June 15, 1993.
 Zynolyte, based in Carson, Calif., is one of the nation's leading producers and marketers of aerosol and specialty brush-applied paint products with sales in excess of $25 million.
 About two-thirds of all Zynolyte products are sold under recognized, company-owned names including Zynolyte(R), Rust-Mate(R), Speed-E- Namel(R), and Klenk's(R). Private label business makes up one-third of all sales, including export business.
 Russell Banks, president and chief executive officer of Grow Group, Inc., stated: "We are enthusiastic about the opportunity to acquire Zynolyte. Its management, under the leadership of Craig A. Giola, performed admirably over the past three years. We look forward to the continuation of their growth and the opportunities they will provide in Grow's penetration of the consumer market."
 Grow Group is a leading producer of specialty chemical coatings and paints and household products. Grow operations include manufacturing facilities, sales offices and licensees throughout the world.
 -0- 5/19/93
 /CONTACT: Jennifer R. Wall of D.F. King & Co., 212-269-5550, for Grow/
 (GRO)


CO: Grow Group, Inc.; Zynolyte Products Company ST: New York, California IN: CHM SU:

GK-OS -- NY073 -- 0376 05/19/93 14:54 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:May 19, 1993
Words:272
Previous Article:NIKKO AGREES TO SETTLE SEC ACTION
Next Article:PACIFIC HORIZON FUND PORTFOLIO MANAGER GIVES OUTLOOK FOR U.S. GOVERNMENT SECURITIES
Topics:


Related Articles
GROW GROUP AND BIOLAB ANNOUNCE LETTER OF INTENT FOR THE SALE OF AQUACHEM
GREAT LAKES' BIO-LAB SUBSIDIARY AGREES TO PURCHASE AQUACHEM
CAMBREX CORPORATION TO BUY HEXCEL'S FINE CHEMICAL BUSINESS
NALCO CHEMICAL CO. ANNOUNCES LETTER OF INTENT TO SELL TEXAS PLANT, AUTOMOTIVE PAINT SPRAY BUSINESS
OCTEL TO BUY DUPONT'S PETROLEUM ADDITIVES AND ANTIKNOCK BUSINESSES
ARISTECH CHEMICAL UNSATURATED POLYESTER RESINS SELL TO ASHLAND CHEMICAL
VULCAN/CALLAWAY ANNOUNCE PLANS TO PURCHASE LION INDUSTRIES
Moyco Technologies, Inc. and Ashland Chemical Company Sign Letter of Intent
BASF signs letter of intent to acquire Clariant superabsorbents.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters