HARVEY GROUP AGREES TO SELL DIVISION
HARVEY GROUP AGREES TO SELL DIVISION ROSLYN HEIGHTS, N.Y., Jan. 17 /PRNewswire/ -- The Harvey Group Inc.
(AMEX: HRA) announced today that it has entered into a definitive agreement with Merkert Enterprises, Inc., a company based in Canton, Mass., in which Merkert Enterprises will acquire the Boerner Company, Harvey's food brokerage division. Based on the latest estimate of the Boerner Company's revenue for the current fiscal year ending Feb. 1, 1992, the purchase price previously announced of approximately $7,100,000 has been reduced to approximately $6,400,000, which amount is payable over five and one quarter years and is subject to possible further adjustment up or down. The transaction, which is expected to be completed in the first quarter of 1992, is subject to, among other things, the approval of Harvey's shareholders.
The Harvey Group Inc. is engaged in the food brokerage business and the retail sale and service of consumer electronic equipment. -0- 1/17/92 /CONTACT: Dennis Wilson executive vice president & CFO of Harvey Group, 516-621-3366/ (HRA) CO: Harvey Group Inc. ST: New York IN: SU: TNM
SM-KW -- NY058 -- 1111 01/17/92 16:13 EST
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|Date:||Jan 17, 1992|
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