KYSOR INDUSTRIAL CORPORATION SIGNS LETTER OF INTENT TO PURCHASE KALT MANUFACTURING COMPANY, INC., PORTLAND, ORE.
CADILLAC, Mich., Oct. 4 /PRNewswire/ -- In a statement issued today, Kysor Industrial Corporation's (NYSE: KZ) Chairman and CEO George R. Kempton, announced that Kalt Manufacturing Co., Inc., has signed a letter of intent to sell their assets to Kysor. Kalt manufactures insulated panels and doors for the supermarket and convenience store industry and has experienced rapid growth over the last five years due to its diversification into other product applications, entrance into new geographic markets, and a strong emphasis on product quality and customer service. Kalt has manufacturing facilities in Portland, Ore., and Goodyear, Ariz. Kempton said that "the proposed acquisition of Kalt Manufacturing Co. would be an excellent addition to the Kysor family of companies. Kalt's product lines and market coverage complement the existing Kysor/Needham division, located in Fort Worth, Texas, and the synergies resulting from the acquisition will allow Kysor to provide expanded service to regional and national accounts." Terms and conditions, including the financial details of the proposed purchase were not disclosed. The acquisition is subject to the approval of Kysor's Board of Directors after completion of a "due diligence" review. Kysor Industrial Corporation is a quality producer of refrigeration systems for the supermarket industry and heavy-duty vehicle and marine components serving the transportation industries. The company has manufacturing operations in six states as well as Great Britain and Germany. -0- 10/4/93 /CONTACT: Terry M. Murphy, vice president and chief financial officer, or Richard G. De Boer, treasurer, of Kysor Industrial Corporation, 616-779-2200/ (KZ)
CO: Kysor Industrial Corporation; Kalt Manufacturing Co., Inc. ST: Michigan, Oregon IN: AUT SU: TNM
SM -- DE021 -- 8263 10/04/93 10:27 EDT
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|Date:||Oct 4, 1993|
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