WORLDWIDE FOREST PRODUCTS INC. COMPLETES ACQUISITION
WORLDWIDE FOREST PRODUCTS INC. COMPLETES ACQUISITION JACKSON, Miss., June 24 /PRNewswire/ -- Worldwide Forest Products
Inc. (NASDAQ: WOOD) announced today the completion of its acquisition of all of the outstanding shares of a privately held manufacturer of precision metal products. The acquisition, valued at $500,000 was paid for with 147,857 shares of Worldwide Forest Products common stock.
The 43-year-old Texas-based company fabricates precision metal products, electronic circuitry and computer components for automotive, security, military and other commercial applications where precise dimensions and premium quality are essential. Operating as a wholly owned subsidiary of Worldwide, the company's current executive management will continue to run day-to-day operations. According to its internal projections, the new subsidiary will generate $4.8 million in revenues and $600,000 in pre-tax earnings for the fiscal year ending March 31, 1993, and $7.4 million in revenues and $1.5 million in pre-tax earnings for the fiscal year ending March 31, 1994. David E. Wise, chairman of Worldwide Forest Products, said, "This company has earned an industry reputation for innovative product development and was recently designated a certified 'Q-1' manufacturer for Ford Motor Co. signifying superior manufacturing capabilities. The company's operations are perfectly suited to the manufacture of electrical transmission hardware which we plan to market in conjunction with our utility pole and cross-arm lines." Worldwide and its subsidiaries manufacture and pressure treat wood telephone and utility poles, railroad cross-ties, pilings and bridge timbers for customers throughout North America and internationally. -0- 6/24/92 /CONTACT: Edwin G. Generes, CFO of Worldwide Forest Products, 601-956-6196; or Shannon T. Squyres of Corporate Relations Group, 714-955-1860, for Worldwide Forest Products/ (WOOD) CO: Worldwide Forest Products Inc. ST: Mississippi IN: PAP SU: TNM AL-JL -- LA004 -- 3171 06/24/92 09:30 EDT
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|Date:||Jun 24, 1992|
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