K-TRON AND COLORTRONIC FORM JOINT VENTURE
K-TRON AND COLORTRONIC FORM JOINT VENTURE PITMAN, N.J., Jan. 7 /PRNewswire/ -- K-Tron International, Inc.
(NASDAQ: KTII) and Colortronic GmbH of Friedrichsdorf, Germany, today announced formation of a joint venture to manufacture and market complementary material handling equipment for the North American plastics industry.
Under the terms of the agreement, K-Tron's U.S. manufacturing subsidiary is licensed to manufacture Colortronic equipment for sale, along with K-Tron blending equipment, by the new joint venture known as K-Tron, Colortronic & Co. The full product range will include K-Tron Vertech gravimetric blending equipment and Colortronic volumetric blending equipment, vacuum conveying systems, granulators and dryers. Leo C. Beebe, chairman and chief executive officer of K-Tron International, Inc., will be chairman of the joint venture managing board. Colortronic GmbH Chairman Hans Lampert will also serve on the board. Other board members will be Marcel O. Rohr, president and chief operating officer of K-Tron International, Inc.; Kevin C. Bowen, president of K-Tron Corporation; and Detlef Becker, president of Colortronic, Inc. Robert M. Barnett, 43, vice president, marketing for K-Tron International, Inc. and formerly president of K-Tron Vertech, Inc., has been appointed president of the new venture. Barnett will direct operations of the new venture from K-Tron, Colortronic & Co. headquarters at Pitman. Beebe said, "Since the launching of our blender equipment business in 1989, we have seen the need to broaden our product range within the plastics product manufacturing market. From our experience in the world marketplace, we have learned to respect Colortronic as the premier supplier of complementary material handling equipment. We welcome the opportunity to team up with them in providing our customers with a comprehensive, quality line of equipment." Assessing the new partnership for Colortronic, Lampert said, "Sharing technology, management, manufacturing, marketing and customer service capabilities with a prominent American partner will significantly strengthen our position in the U.S., Canada and Mexico." Colortronic, a private corporation, is headquartered in Friedrichsdorf. The company is a leading supplier of plastics auxiliary equipment with facilities and representation throughout the world. K-Tron International, Inc., through its subsidiaries, is a major producer of gravimetric and volumetric feeders and blenders and gravimetric security systems with facilities and customers throughout the world. /delval/ -0- 1/7/92 /CONTACT: Ronald G. Larson, senior vp, CFO and treasurer of K-Tron International, 609-589-0500/ (KTII) CO: K-Tron International, Inc.; Colortronic GmbH ST: New Jersey IN: SU: JVN
MK-CC -- PH024 -- 7397 01/07/92 14:59 EST
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|Date:||Jan 7, 1992|
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