Industry News

Norton Co. and Chemfab Corp. Receive German Approval for Proposed Deal

Published on 2002-03-27. Author : SpecialChem

Chemfab Corp. and Norton Co. today announced that the acquisition has received regulatory approval in Germany under the German Act Against Restraints on Competition. The companies previously announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the proposed Chemfab acquisition expired on August 16, 2000.

Norton Co. and Chemfab are parties to a merger agreement. Under the agreement, a subsidiary of Norton Co. commenced a tender offer on August 2, 2000, to purchase all of the outstanding shares of Chemfab at $18.25 per share, net to the seller in cash (excluding any tax effect). The tender offer currently is scheduled to expire at 12:00 midnight (EDT) on August 29, 2000, but may be extended by Norton under certain conditions. The offer is subject to the condition, among other things, that the Norton subsidiary acquires a majority of all outstanding Chemfab shares on a fully diluted basis.

Norton Co. is an indirect wholly owned subsidiary of Compagnie de Saint-Gobain. A worldwide manufacturer serving a broad range of industries, Norton is a leading manufacturer of abrasives, and produces technologically advanced ceramics, plastics and chemical process products. Norton's subsidiary, Saint-Gobain Performance Plastics Corporation, processes high-performance plastics and elastomers into flexible foams, bearings, tubing and fluid handling systems, films, sealants and pressure sensitive tapes.

Saint-Gobain is a producer of flat glass, glass containers, insulation, reinforcements, building materials, abrasives, ceramics, high-performance plastic products, and piping. The company's 1999 sales totaled approximately $25 billion.

Chemfab is an international manufacturer and marketer of engineered products based on its expertise and technology in flexible polymeric composite materials. Worldwide end-use applications for Chemfab's products are architectural, aerospace, communications, electrical, environmental, food processing, laboratory testing, packaging, protective systems, consumer bakeware applications, other industrial businesses, medical electronics, personal care, healthcare and specialty apparel businesses.

K flex Coalescents
Channel Alerts

Receive weekly digests on hot topics

Back to Top