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GUARDSMAN AGREES TO PURCHASE THE INDUSTRIAL COATINGS AND DISTRIBUTOR WOOD COATINGS BUSINESS OF MAR-LAK PRODUCTS COMPANY

 GRAND RAPIDS, Mich., April 30 /PRNewswire/ -- Guardsman Products, Inc. (NYSE: GPI) today announced that it has purchased the coatings business and certain assets of Mar-Lak Products Company, located in Los Angeles.
 Mar-Lak markets a broad line of distributor lacquers and industrial wood coatings. Guardsman expects to move the production of these coatings to its Los Angeles area facility. Mar-Lak's fiscal 1992 sales amounted to approximately $6 million.
 Charles E. Bennett, president and chief executive officer of Guardsman, stated, "We are pleased to announce the addition of the Mar-Lak business to our Southern California operation. This will substantially increase our market share in the region as well as add valuable management talent to our existing team. We see the addition of the Mar-Lak business as a continuing expansion of our customer base for potential distribution of our progressive waterborne wood coatings products throughout the United States, but particularly in this highly environmentally conscious geographic market. Additionally, since we did not acquire Mar-Lak's manufacturing facilities, we will improve utilization of our manufacturing capacity thereby better leveraging our current operating expenses. We are very excited about the prospects this acquisition will offer when combined with our existing Southwest U.S. wood coatings business."
 Guardsman Products, Inc. is a producer of custom industrial coatings and diversified consumer products.
 -0- 4/30/93
 /CONTACT: Edward D. Corlett, vice president and chief financial officer, Guardsman Products, Inc., 616-957-2600/
 (GPI)


CO: Guardsman Products, Inc.; Mar-Lak Products Company ST: Michigan, California IN: HOU SU: TNM

SM -- DE018 -- 3310 04/30/93 14:48 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
Words:256
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