RUST INTERNATIONAL COMPLETES MERGER WITH THE BRAND COMPANIES INC.
BIRMINGHAM, Ala., May 7 /PRNewswire/ -- Rust International Inc. announced today the completion of the merger of The Brand Companies, Inc. (NASDAQ: BRAN) into a wholly owned subsidiary of Rust International. The merger was approved today at a special meeting of Brand's stockholders. Beginning Monday, May 10, Rust International will be traded on the New York Stock Exchange under the ticker symbol RST. NASDAQ trading in Brand shares will cease at the close of business today. Under the provisions of the merger agreement, all shares of Brand common stock (other than those previously exchanged for cash) are converted on a one- for-one basis into Rust common stock. Rust reported that Brand stockholders elected to accept $18.75 per share in cash with respect to approximately 6.9 million shares of Brand common stock. As a result, Rust International will be owned approximately 56 percent by Chemical Waste Management, Inc., 40 percent by Wheelabrator Technologies Inc. and 4 percent by the former public stockholders of Brand. According to James E. Koenig, vice president and chief financial officer of Rust, a number of institutional holders of Brand shares advised the company that they were required to liquidate their positions because investment criteria restricted their holding to smaller capitalization companies. Rust International Inc. is an engineering, construction, environmental and infrastructure consulting, hazardous substance remediation and on-site industrial services company. -0- 5/7/93 /CONTACT: Bob Reincke, 708-218-1670, for Rust; or (analysts) Harold Ingalls of the Brand Companies, 708-947-3502/ (BRAN)
CO: Rust International Inc.; The Brand Companies, Inc. ST: Alabama IN: ENV SU: TNM
CK -- NY040 -- 5925 05/07/93 11:44 EDT
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|Date:||May 7, 1993|
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