GUARDSMAN AGREES TO ACQUIRE ATLANTA SUNDRIES, INC.
GRAND RAPIDS, Mich., Dec. 30 /PRNewswire/ -- Guardsman Products, Inc. (NYSE: GPI) today announced that it has signed a definitive agreement to acquire Atlanta Sundries, Inc. Under the terms of the agreement, Guardsman will issue new shares of its common stock in exchange for all of the issued and outstanding shares of Atlanta Sundries, Inc. common stock. Atlanta Sundries, which was founded in 1985 and has annual sales of approximately $4 million, markets a line of products for professional painters and the "do-it-yourself" market. Atlanta's most successful product is Goof Off(R) which is designed to remove dried latex paint from varnished surfaces, as well as fabrics and other unfinished surfaces, without damage. The products are sold primarily through mass merchandisers, home centers, hardware stores and paint stores. Charles E. Bennett, president and chief executive officer of Guardsman, stated, "We are pleased to announce the addition of Atlanta Sundries, Inc. to our Consumer Products Group. This will increase our presence in several distribution channels which we consider strategically important. Atlanta's product line, particularly Goof Off, is well-known and respected in its distribution channels and target markets. We are excited about this opportunity which fits very well with the strategic direction of the Household Products Division of our Consumer Group." Guardsman Products, Inc. is a producer of custom industrial coatings and diversified consumer products. -0- 12/30/93 /CONTACT: Charles E. Bennett, president and CEO of Guardsman Products, Inc., 616-957-2600/ (GPI)
CO: Guardsman Products, Inc. ST: Michigan IN: SU: TNM
KE -- DE009 -- 8101 12/30/93 14:47 EST
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|Date:||Dec 30, 1993|
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