Eltron International Inc. acquires UK-based Russet Ltd

Business Wire, Dec 5, 1994

CHATSWORTH, Calif.--(BUSINESS WIRE)--Dec. 5, 1994--Eltron International Inc. (NASDAQ:ELTN) Monday announced it has purchased approximately $1.2 million in assets and the ongoing distribution business of Russet Ltd. for about $360,000 in cash and the assumption of around $880,000 in trade liabilities and debt.

With headquarters just west of London in Reading, Russet Ltd. is a value-added distributor of bar code equipment, ticket printing equipment, and related products. Management believes that Russet, as restructured, is capable of contributing approximately $3 million in revenues to Eltron's 1995 operations. Russet will continue to operate under its current name.

According to Donald K. Skinner, president and chief executive officer of Eltron: "We feel that the acquisition of Russet provides Eltron with significant strategic value. We intend to use Russet as a base for distributing bar code equipment within the United Kingdom and as a manufacturing base and distribution center for our supplies throughout Europe.

"Further, Russet enhances our ability to provide product service and technical support to our European customers. As a result, we expect this acquisition to strengthen and expand our presence in the European Economic Community (EEC)."

Paul Cooper, managing director of Russet Ltd., commented: "We are excited about the strengthened presence we will gain in the U.K. market through our association with Eltron. Our combined resources will enable us to establish ourselves as a leading supplier of quality bar code equipment and supplies to this growth market. This is a win-win situation for both companies."

Eltron International designs, manufactures and markets high-quality, low-cost bar code label printers, software, and related accessories used worldwide by the health care, retail, manufacturing, and package-delivery industries.

CONTACT: Eltron International Inc., Chatsworth

              Donald K. Skinner or Daniel C. Toomey, 818/885-6484
                             or
              Silverman Heller Associates, Los Angeles
              Eugene G. Heller, 310/208-2550