Flanders Corporation Acquired Assets From Wildwood Industries, Inc.
May 27 2009 - 6:05AM
Marketwired
Flanders Corporation (NASDAQ: FLDR) has agreed to acquire certain
assets from Wildwood Industries, Inc. for $3.6 million in cash.
Flanders will retain the furnace filter equipment and inventory and
immediately sold the unrelated assets to R.P.S. Products, Inc. for
$2.2 million in cash.
Flanders Corporation's Chairman, president and CEO Harry Smith
said: "As reported, during our first quarter conference call, our
business is quite solid and we are well positioned as we head into
our busy summer season. We intend to opportunistically add capacity
to service our growing customer base and believe this acquisition
strengthens Flanders as the largest U.S. producer of air filtration
products. With our expertise, we expect to effectively leverage
these assets and add value to our company."
Safe Harbor Statement:
The statements made in this press release regarding Flanders (1)
business being solid, (2) being well positioned heading into its
busy summer season, (3) opportunistically adding capacity to
service its growing customer base and (4) belief that this
acquisition strengthens Flanders as the largest U.S. producer of
air filtration products. For a more detailed discussion of risk
factors that may affect Flanders' operations, please refer to the
Company's Form 10-K for the year ended December 31, 2008 and the
Form 10-Q for the period ended March 31, 2009. These
forward-looking statements speak only as of the date on which such
statements are made, and the Company undertakes no obligation to
update such forward-looking statements, except as required by
law.
About Flanders
Flanders is a leading air filtration products manufacturer.
Flanders' products are utilized by many industries, including those
associated with commercial and residential heating, ventilation and
air conditioning systems, semiconductor manufacturing, ultra-pure
materials, biotechnology, pharmaceuticals, synthetics, nuclear
power and nuclear materials processing. For further information on
Flanders and its products, visit its web site at
http://www.flanderscorp.com/ or contact Kirsten Chapman or Tim Dien
at (415) 433-3777.
Company Contact: John Oakley CFO Flanders Corporation (252)
946-8081 Investor Relations Contacts: Lippert / Heilshorn &
Associates Kirsten Chapman / Tim Dien Email Contact (415)
433-3777
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