Pure Tech International acquires specialty resin plant

Business Wire, August 21, 1995

RIDGEFIELD, N.J.--(BUSINESS WIRE)--Aug. 21, 1995--Pure Tech International Inc. (NASDAQ/NMS:PURT) announced Monday that it has closed on the previously announced acquisition of Occidental Chemical Corp.'s specialty vinyl dispersion resins plant located in Burlington.

The purchase price was approximately $20 million plus approximately $8 million for inventory. The facility will be known as Burlington Resins Inc. and be operated under Pure Tech's Colorite Polymers Division. Approximately 160 people are currently employed at the Burlington location, all of whom will be retained by Pure Tech.

The facility has an annual production capacity of 112 million pounds of specialty vinyl dispersion resins used primarily in flooring, inks, and coatings. Revenues from the facility were approximately $50 million in 1994 and it is expected that its sales will contribute significantly to Pure Tech's expected revenues of approximately $350 million in fiscal 1996.

"The acquisition of the Burlington facility is a part of the ongoing growth strategy we have developed for Pure Tech, which began with the combination of Pure Tech and Ozite Corporation.

"The Burlington plant provides Pure Tech with additional specialty plastic products for sale and enhances our manufacturing cost through the in-house use of Burlington products," said Fred Broling, chief executive officer of Pure Tech. "We look forward to the anticipated contribution of Burlington to the overall operations of the company," added Broling.

Broling continued, "Overall, we continue to follow the plan we have chartered for the newly combined operations of Pure Tech and Ozite Corporation. Our goal is to continue to expand the company through internal growth and strategic acquisitions. The company is on solid footing and on course."

Pure Tech International Inc. is a leading manufacturer of specialty plastic products under such trade names as Colorite Plastics, Action Technology and Ozite Manufacturing. The company is also engaged in the recycling of post-consumer plastics and in plastic injection molding.

CONTACT: Pure Tech International Inc., Ridgefield

Louis T. Haggis, 201/941-6550, ext. 107