Printer Friendly

HEIN-WERNER ANNOUNCES THE SALE OF CERTAIN ASSETS TO A WHOLLY-OWNED SUBSIDIARY OF PENTAIR

HEIN-WERNER ANNOUNCES THE SALE OF CERTAIN ASSETS TO A WHOLLY-OWNED
    SUBSIDIARY OF PENTAIR
    WAUKESHA, Wis., June 15 /PRNewswire/ -- Joseph L. Dindorf, president and chief executive officer of Hein-Werner Corporation (AMEX: HNW), announced today that it will sell certain assets relating to Hein- Werner's manufacture and North American distribution of jacks and other automotive lifting equipment, automotive battery service equipment, and automotive welding equipment to a wholly-owned subsidiary of Pentair, Inc. (NASDAQ: PNTA).  Dindorf stated that a definitive agreement had been executed and that the transaction will be closed this week.
    Dindorf indicated that Hein-Werner anticipates netting approximately $11.0 million from the transaction after the collection of approximately $3.5 million in related receivables and the payment of related payables and expenses.  The proceeds are to be paid in cash and a $700,000 note payable in six months.  Dindorf indicated that substantially all of the net proceeds would be used to pay down outstanding debt.  Approximately 35 percent ($30 million) of Hein-Werner's consolidated net sales during 1991 were attributable to the assets to be sold.
    Total business entities affected by the sale are Hein-Werner's Mexican facility in Nogales, Mexico, and the automotive service equipment distribution facility in Waukesha.  These are in addition to related sales and technical personnel located at the corporate office.
    Hein-Werner Corporation is a leading worldwide manufacturer and marketer of collision repair, automotive service and fluid power equipment.  The company has manufacturing operations and sales offices in the United States, Canada, Mexico and Europe with distribution channels throughout the rest of the world.
    -0-             06/15/92
    CONTACT:  Edward F. Duffy, vice president-finance and treasurer of Hein-Werner, 414-542-6611
    (HNW PNTA) CO:  HEIN-WERNER CORPORATION; PENTAIR, INC. IN:  AUT ST:  WI,MN -- NY010 -- X360  06/15/92
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 15, 1992
Words:289
Previous Article:CIRCUIT CITY STORES, INC. REPORTS FIRST QUARTER RESULTS, SUPERSTORE REMODELS AND FISCAL 1994 EXPANSION PLANS
Next Article:APPLE ANNOUNCES NEW MATH & SCIENCE CURRICULUM INTEGRATION GUIDE AT NECC '92
Topics:


Related Articles
PENTAIR SUBSIDIARY PURCHASES HEIN-WERNER AUTOMOTIVE SERVICE EQUIPMENT DIVISION
HEIN-WERNER REPORTS SECOND QUARTER EARNINGS
HEIN-WERNER REPORTS SECOND QUARTER RESULTS
HEIN-WERNER CORP. DECLARES STOCK DIVIDEND
HEIN-WERNER SELECTED BY FORD MOTOR COMPANY AS EXCLUSIVE SUPPLIER OF COLLISION REPAIR EQUIPMENT
HEIN-WERNER AND NISSAN ALTIA SIGN DISTRIBUTION AGREEMENT FOR JAPAN AND SOUTH EAST ASIA FOR ADVANCED TECHNOLOGICAL COLLISION REPAIR PRODUCTS
HEIN-WERNER CORPORATION EXPECTS TO REPORT 1993 FOURTH QUARTER NET PROFIT; SALES TO BE UP STRONGLY
HEIN-WERNER REPORTS THIRD QUARTER RESULTS
HEIN-WERNER REPORTS FOURTH QUARTER AND 1994 YEAR-END RESULTS
Hein-Werner Completes Sale of its Winona Van Norman Division

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