Fluorocarbon Completes Acquisition of Unit
Fluorocarbon Co. said it has completed its acquisition of Eaton Corp.’s industrial polymer products division, a deal that will almost double Laguna Niguel-based Fluorocarbon’s annual sales.
Fluorocarbon sales last year were about $98 million, and the new acquisition should boost sales to $165 million for 1987 and to more than $200 million in 1988, the company said.
Peter Churm, Fluorocarbon’s chairman, said the company paid about $70 million cash for the polymer division, which is based in Aurora, Ohio. The purchase was financed with a bank loan. Churm said the unit is profitable but that its effect on Fluorocarbon earnings will not show until 1988.
The division, which will be called the Samuel Moore Group of Fluorocarbon, has 700 employees and produces plastic hydraulic and pneumatic hose, wire, cable, instrument tubing and control systems. It operates plants in Ohio, Texas, England and Belgium and owns 50% of a joint venture in Japan.
The acquisition gives Fluorocarbon 28 manufacturing plants and 2,150 employees, Churm said.
In light over-the-counter trading Monday, Flurocarbon’s common stock closed at $14.50 a share, down 25 cents for the day.
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