IONICS PURCHASES REMAINING SHARES OF ELITE CHEMICALS PTY. LTD.
IONICS PURCHASES REMAINING SHARES OF ELITE CHEMICALS PTY. LTD. WATERTOWN, Mass., Sept. 29 /PRNewswire/ -- Ionics, Incorporated (NYSE: ION) announced today that it had purchased the outstanding minority ownership of its affiliate, Elite Chemicals Pty. Ltd. of Brisbane, Australia, making Elite a wholly owned subsidiary of Ionics. The transaction involved the acquisition of 36 percent of the shares of Elite for approximately $2 million. Ionics' relationship with Elite began in 1986 when Ionics' Cloromat(R) system for the manufacture of sodium hypochlorite bleach was installed at Elite's Brisbane facility. Ionics subsequently purchased 64 percent of the outstanding stock of Elite. Commenting on the transaction, Arthur L. Goldstein, Ionics' chairman and chief executive officer, noted that "Ionics' relationship with Elite served as the basis for Ionics' construction of a similar bleach manufacturing facility in Springfield, Mass., now known as Elite New England." He also noted that "our bleach-related business now generates approximately 7 percent of Ionics' total revenues." Sodium hypochlorite bleach is used for water and wastewater treatment in addition to a variety of disinfection and bleaching applications for the home. Ionics is a separations technology company involved worldwide in the manufacture and sale of membranes and related equipment for the purification of water, in the supply of purified water and water treatement chemicals, and in the sale of bottled water and home water purifiers. -0- 9/29/92 /CONTACT: T.G. Papastavros or A.T. Coughlin, 617-926-2500, both of Ionics/ (ION) CO: Ionics Incorporated; Elite Chemicals ST: Massachusetts IN: CHM SU: TNM
CN -- NE006 -- 4266 09/29/92 09:49 EDT
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|Date:||Sep 29, 1992|
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