Cohesant Technologies acquires Raven Lining Systems

Business Wire, Dec 4, 1995

CLEVELAND--(BUSINESS WIRE)--Dec. 4, 1995--Cohesant Technologies Inc. (Nasdaq:COHT) and Raven Lining Systems today announced the execution of a definitive asset purchase agreement, whereby Cohesant will acquire Raven's business operations. The closing is expected to occur by December 31, 1995.

Raven, a private company founded in 1986 in Tulsa, Oklahoma, manufactures and licenses a line of high-build epoxy coatings for protecting wastewater systems and other infrastructure. The acquisition through Cohesant's subsidiary, American Chemical Company, is part of Cohesant's expansion into the specialty coatings marketplace and represents a strategic fit with the AquataPoxy(R) line of coatings managed by American Chemical.

Raven's 1995 annual revenues are approximately $800,000. The company has Licensed Certified Applicators of its coating products regionally located throughout most of the United States.

``We are excited about the proprietary formulations, technology, distribution, and marketing of protective coatings that Raven will bring to Cohesant,'' commented Michael Boeckman, Cohesant's President and Chief Operating Officer. ``This acquisition should enhance our success in this high-growth sector.''

Stewart Nance, Raven's President, stated, ``Raven is pleased to affiliate with Cohesant and American Chemical, which have demonstrated success in the high-performance coatings market and have the resources to further develop and execute Raven's growth plans.''

Cohesant Technologies designs, develops, and manufactures specialized spray finishing and coating application equipment and specialty coating, adhesive, and sealant products through its two subsidiaries: Glas-Craft, Inc. and American Chemical Company. Glas-Craft manufactures spray finishing and coating equipment that meets strict new clean-air standards. American Chemical Company manufactures and sells over 250 coating, adhesive, and sealant products, including AquataPoxy(R), a high-performance coating system that is resistant to water and corrosive breakdown by most acids and solvents and that can be used in drinking water systems.

CONTACT: Cohesant Technologies Inc., Cleveland

Michael L. Boeckman, 216/861-6266