MERRIMAC INDUSTRIES ACQUIRES SHARES
MERRIMAC INDUSTRIES ACQUIRES SHARES WEST CALDWELL, N.J., Nov. 8 /PRNewswire/ -- Merrimac Industries,
Inc. (AMEX: MRM), announced today that it had acquired, from one of its shareholders in a brokered transaction, 143,000 shares, or approximately 7 percent of Merrimac's outstanding common stock. The aggregate purchase price, net of commissions, approximated $1,197,000 and came from the company's own cash resources. The shares purchased today represented approximately 40 percent of the seller's holdings of Merrimac common stock. The company expects to purchase the remainder of the seller's Merrimac holdings early next week.
Paul Terranova, chairman and CEO of Merrimac, said that the purchase of this block represented an opportunity to make "an investment which reflects management's strong confidence in the long term prospects for Merrimac business plans and programs." He added that the purchase would not affect the company's capacity to take advantage of acquisition opportunities or to make necessary investments to strengthen its business. Merrimac Industries Inc. is located in West Caldwell, N.J., where it employs 150 persons in the manufacture of high performance components for communications, defense and aerospace. Revenues in 1990 were $14,739,326 producing a net income of $1,382,044. -0- 11/8/91 /CONTACT: Paul Terranova of Merrimac, 201-575-1300/ (MRM) CO: Merrimac Industries, Inc. ST: New Jersey IN: ARO SU: KD-JT -- NY058 -- 2716 11/08/91 16:30 EST
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|Date:||Nov 8, 1991|
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