SECOM GENERAL CORPORATION S-4 DECLARED EFFECTIVE FOR SECOM'S ACQUISITION OF REMAINING 30 PERCENT OF TRI-TEC
SECOM GENERAL CORPORATION S-4 DECLARED EFFECTIVE
FOR SECOM'S ACQUISITION OF REMAINING 30 PERCENT OF TRI-TEC
NOVI, Mich., Nov. 21 /PRNewswire/ -- Secom General Corporation (NASDAQ: SECM) announced today that its Registration Statement has been "declared effective" so that it can proceed with its Special Meeting of Stockholders to ratify its acquisition of the remaining 30 percent of Tri-Tec. The Special Meeting will be held Dec. 14, 1991 at the MSU Management Education Center in Troy, Mich.
Secom acquired 70 percent of Tri-Tec in April 1991 from its larger stockholders. Tri-Tec consists of Tri-Tec Plastics and Triple Tool. Tri-Tec Plastics manufactures plastic bottles, jars and lids and operates two plants located in Redding and Ontario, Calif. Triple Tool manufactures precision tooling for the consumer goods and electronics industry. Secom's other four subsidiaries are Form Flow, L & H Die, Micanol and Uniflow. Form Flow, L & H and Micanol manufacture precision tooling for the hot and cold forming industry. Uniflow manufactures cold forged and cold formed metal component parts.
Separately, Secom management announced that its October 1991 sales and earnings results were very strong and that it expected its December 1991 quarterly results to be improved over the comparable quarter for last year. For the year ending September 1992, management estimates that it will earn $0.85 to $0.90 per share after-tax, but before the use of tax loss carryforwards. Tax loss carryforwards will increase the earnings to approximately $1.25 per share. For the year ended Sept. 30, 1991, Secom earned $0.49 per share after-tax and $0.75 per share after utilizing tax loss carryforwards. Management estimates sales in 1992 to be in excess of $35 million compared to $17 million in 1991.
Secom's business strategy is to increase its sales and earnings with its current subsidiaries and through the acquisition of similar companies in basic manufacturing areas.
/CONTACT: David Marczak of Secom, 313-349-8970/
(SECM) CO: Secom General Corporation; Tri-Tec ST: Michigan, California IN: SU: TNM KK -- DE020 -- 5988 11/21/91 14:41 EST