NEWELL TO ACQUIRE INTERCRAFT
NEWELL TO ACQUIRE INTERCRAFT FREEPORT, Ill., Sept. 8 /PRNewswire/ -- Newell Co. (NYSE: NWL)
today announced that it has reached an agreement in principle to acquire Intercraft Industries, the world's largest manufacturer of picture frames. Intercraft is a privately owned company headquartered in Taylor, Texas, with annual sales in 1991 of approximately $150 million. The acquisition is subject to completion of a definitive written purchase agreement and obtaining customary regulatory and other approvals. The parties anticipate closing the acquisition by Oct. 31.
William P. Sovey, Newell's chief executive officer, said, "Intercraft is an outstanding company serving the same mass merchandiser market that we do. They have been leaders in developing EDI and quick response partnerships with their customers, and we are delighted to have them join the Newell family of
companies." Phillip Spertus, chairman of Intercraft, stated that, "We have seen the shift in the retail marketplace toward the large retailers. We believe that being part of a larger company will help us service our customers more effectively, and we actively sought out a high-quality partner like Newell."
Newell manufactures and markets high-volume hardware/housewares, office and industrial products. Hardware/housewares products are sold principally through discount, variety, chain and hardware stores, hardware and housewares distributors and home improvement centers. Office products are sold through mass-market chains, office product superstores and office product dealers and wholesalers. Industrial products are sold directly and through distributors to volume purchasers. -0- 9/8/92 /CONTACT: William T. Alldredge, VP-finance of Newell, 815-961-2114/ (NWL) CO: Newell Co.; Intercraft Industries ST: Illinois, Texas IN: HOU SU: TNM
JB-EH -- SD004 -- 7137 09/08/92 16:04 EDT
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|Date:||Sep 8, 1992|
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