Printer Friendly

WESTGROUP ACQUIRES GERMAN COMPANIES

 WESTGROUP ACQUIRES GERMAN COMPANIES
 CALGARY, Alberta, April 20 /PRNewswire/ -- Westgroup Corporations


Inc. ("Westgroup") (Alberta: WI.A) announced that it has acquired (through two of its subsidiaries) two industrial businesses based in Germany. The purchase includes related real estate and manufacturing facilities. The effective date of the acquisitions is Oct. 21, 1991.
 The acquired companies, F.U.S. VERWALTUNGS Gmbh and CENTRA-MEMBRAN Gmbh, are engaged in the manufacturing of specialized automotive industiral and audio products and enjoy wide distribution throughout Europe. Both companies have been in business for over 25 years and will continue to be run by existing management. The purchase price was approximately $10 million consisting of cash and assumption of obligations. The value of the assets acquired exceed the purchase price.
 Based on current sales and earnings the acquisitions will boost Westgroup's annualized sales to approximately $75 million and net pre- tax profits to approximately $5 million.
 "These acquisitions will not only contribute substantially to the profitability of Westgroup but also represent a cornerstone upon which to participate in expanding international opportunities" stated Westgroup Chairman and Chief Executive Officer Lawrence G. Ryckman.
 "The German companies that we have acquired are well established p rofitable businesses which are booming in their own economy unaffected by our recession here. We believe that this diversification into Germany will provide for long term stable earnings for Westgroup through the inevitable economic cycles all economies face."
 Westgroup is a diversified management corporation dedicated to acquiring and building well-managed, highly valued, autonomous enterprises. Westgroup's strength derives from the diversity and synergy of its individual corporations and from a sharing of management skills and financial resources.
 Westgroup currently trades on the Alberta Stock Exchange under the symbol, WI.A and has approximately 11 million common shares outstanding.
 The Alberta Stock Exchange has neither approved nor disapproved the contents of this release.
 -0- 4/20/92
 /CONTACT: Lawrence G. Ryckman or Kent Couillard of Westgroup Corporations Inc., 403-269-1868/
 (WI.A.) CO: Westgroup Corporations Inc. ST: Alberta IN: SU:


AL -- LA029 -- 0193 04/20/92 15:52 EDT
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:Apr 20, 1992
Words:341
Previous Article:BRISTOL-MYERS SQUIBB ISSUES STATEMENT ON FINDINGS OF CLINICAL BENEFITS OF VIDEX
Next Article:PARK NATIONAL CORPORATION, NEWARK, OHIO REPORTS FIRST QUARTER, 1992 EARNINGS


Related Articles
WESTGROUP ANNOUNCES FIRST QUARTER RESULTS FROM INTERNATIONAL OPERATIONS
WESTGROUP CORPORATIONS INC. COMMENTS ON RECENT DROP IN SHARE PRICE
WESTGROUP ANNOUNCES PLANS FOR RESTRUCTURING
Nemdaco, Inc., Agrees To Buy All Of The Assets Of West Group Management Resources, Inc.
West Group Launches Internet Store
Corel Integrates West Group CiteLink Into WordPerfect Suite 8
ALLTEL Buys ACquire Report and Data Warehouse System.
West Group Announces WestDockets(TM).
West Acquires The Harrison Company; Rich Local Content to be Integrated Into West Offerings.

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