Printer Friendly

OAK INDUSTRIES AND GILBERT ENGINEERING IN NEGOTIATIONS

 WALTHAM, Mass., Dec. 15 /PRNewswire/ -- Oak Industries Inc., (NYSE: OAK), announced today that it has, along with Bain Capital, formed an acquisition company which is engaged in negotiations to acquire 85 percent of the outstanding stock of Gilbert Engineering Co., Inc., a Glendale, Arizona manufacturer and supplier of specialty connectors to the cable television, local area network, microwave and high-end specialty precision markets. Under the proposed structure, management of Gilbert would retain ownership of the remaining 15 percent of Gilbert. Oak would own 80 percent of the newly formed acquisition company, with Bain Capital owning the other 20 percent.
 Completion of a transaction would be dependent upon, among other things, execution of a definitive purchase and sale agreement, completion of satisfactory debt financing, and regulatory approvals. The purchase price for this acquisition would be approximately $100 million and would be funded by cash, debt and refinancing of Gilbert's existing debt.
 Gilbert Engineering, a privately held company, services domestic markets and also exports products to growing cable television markets abroad. Gilbert also has manufacturing operations in France to serve the European market.
 "The potential acquisition of Gilbert would be a key component of our strategic acquisition program. Based upon historical results, Gilbert Engineering would be expected to have a positive effect on Oak's profitability," said William S. Antle III, president and chief executive officer of Oak Industries.
 Oak Industries Inc. provides components and controls for leading manufacturers in a range of industries, including consumer appliances, electronics, medical testing equipment, military, telecommunications and transportation. The company is pursuing a strategy for growth through new-product introductions, ongoing productivity enhancements and strategic acquisitions.
 -0- 12/15/92
 /CONTACT: William C. Weaver, chief financial officer of Oak Industries Inc., 617-890-0400, or Jean M. Devine, account executive of Sharon Merrill Associates, Inc., 617-262-1800, for Oak Industries Inc./
 (OAK)


CO: Oak Industries, Gilbert Engineering ST: Massachusetts IN: CPR SU: ECO

TM-LD -- NY095 -- 7482 12/15/92 19:51 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 15, 1992
Words:322
Previous Article:RIBI IMMUNOCHEM LICENSES MELACINE MELANOMA THERACCINE TO BIOMIRA INC. EXCLUSIVELY IN CANADA
Next Article:POTENTIAL SITE STUDY RELEASED ON WEYERHAEUSER/MISSION'S PROPOSED COWLITZ COGENERATION PROJECT, THE ENERGY FACILITY SITE EVALUATION COUNCIL SAYS
Topics:


Related Articles
TENNESSEE VALLEY AUTHORITY AWARDS GILBERT/COMMONWEALTH FOSSIL/HYDRO CONTRACT
OAK INDUSTRIES ACQUIRES GILBERT ENGINEERING
GILBERT ASSOCIATES ACQUIRES SRA TECHNOLOGIES, INC.
JACOBS OPENS JACOBS TECHNICAL CENTER IN OAK RIDGE, TENN.
GILBERT ENGINEERING ACQUIRES CABEL-CON A/S
GILBERT SHAREHOLDERS OVERWHELMINGLY APPROVE SUBSIDIARY SALE
RESOURCE CONSULTANTS, INC. A GILBERT COMPANY AWARDED $7.1 MILLION CONTRACT
OAK INDUSTRIES TO PURCHASE 17 PERCENT MINORITY INTEREST IN GILBERT ENGINEERING FROM BAIN CAPITAL
GILBERT ASSOCIATES REDEFINES CORPORATE STRATEGY TO FOCUS EXCLUSIVELY ON TELECOMMUNICATIONS MARKET
HDR Engineering Manager Named ACEC/PA Distinguished Award of Merit Recipient; Ralph W. Gilbert Jr. Honored for His Engineering Leadership in...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters