NSC CORPORATION ANNOUNCES ENTRY INTO INDUSTRIAL CLEANING AND MAINTENANCE BUSINESS WITH ACQUISITION OF COMBINED PLANT SERVICES, INC.
NSC CORPORATION ANNOUNCES ENTRY INTO INDUSTRIAL CLEANING AND
MAINTENANCE BUSINESS WITH ACQUISITION OF COMBINED PLANT SERVICES, INC.
METHEUEN, Mass., Jan. 23 /PRNewswire/ -- NSC Corporation (NASDAQ: NSCC) today announced its entry into the industrial cleaning and maintenance business with the execution of a definitive agreement to acquire the Portage, Indiana-based Combined Plant Services, Inc. (CPS). Anthony Mesiti, president and chief executive officer, said "This is the first step in implementing our strategic plan to become one of the major providers of environmental cleaning and maintenance services in the United States over the next 18-24 months. The expansion of our services into this area allows our proven operational skills and strong financial position to be leveraged into one of the fastest growing segments of the environmental services industry. Our outstanding reputation with our client base, as well as the market presence and reputation of our parent, OHM Corporation, one of the leading providers of on-site environmental remediation services to Fortune 500 industrial companies, further enhances our opportunity in this industry sector," Mesiti added. Combined Plant Services, Inc. had 1991 revenues of approximately $8 million, the result of rapid growth of this business which began just three years ago. CPS expects its revenues to continue to grow in excess of 20 percent per year in the near term with operating margins to be at least comparable to the industry average. CPS services the steel, utility and general manufacturing industries in Illinois, Indiana and Wisconsin. The acquisition of CPS is expected to be completed by early February. While terms were not disclosed, Gene J. Ostrow, vice president and chief financial officer, said, "The consummation of this transaction is expected to contribute to NSC's earnings per share in 1992." NSC Corporation is a 70 percent owned subsidiary of OHM Corporation, a leading nationwide environmental remediation services firm. -0- 1/23/92 /CONTACT: Gene J. Ostrow, 508-686-6417, or Pamela K. M. Beall, 419-425-6002, both of NSC Corporation/ (NSCC) CO: NSC Corporation ST: Massachusetts IN: SU: TNM
CG -- NE003 -- 2676 01/23/92 10:03 EST
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|Date:||Jan 23, 1992|
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