Lindberg to Acquire Heat Treating Facilities in Four Cities
1 June 2000
Lindberg to Acquire Heat Treating Facilities in Four CitiesROSEMONT, Ill., June 1 Lindberg Corporation today announced it has signed an agreement to acquire Thermo Terratech Inc.'s heat treating services group, consisting of facilities in four cities. The operations to be acquired include Metallurgical in Minneapolis, Metal Treating in Milwaukee and Cal-Doran in Los Angeles and San Diego. Collectively, the group recorded about $18 million in sales during 1999. "These operations complement existing facilities in the respective areas and are expected to be accretive to Lindberg's net earnings," said Leo Thompson, president and chief executive officer. He said the group would be acquired for approximately $17 million, subject to post-closing adjustments. The transaction is expected to close on June 2, 2000. Lindberg Corporation is the largest commercial heat treater in North America, serving customers in the metalworking industries. The company has operations in major industrial centers throughout the United States and in Mexico. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements contained in this release that are not based on historical facts are forward-looking statements subject to uncertainties and risks including, but not limited to, product and service demand and acceptance; economic conditions; the impact of competition and pricing; capacity and supply constraints or difficulties; results of financing and acquisition efforts; regulatory and other legal issues; and other risks detailed in the company's Securities and Exchange Commission filings.