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[April 2007]
Ceramic Protection Corp Signs Letter of Intent to Acquire Composix
Ceramic Protection Corporation (Calgary, Canada + Sunrise, FL, USA), a leading manufacturer and distributor of advanced ballistic protective products, has announced that it has recently signed a non-binding Letter of Intent to acquire Composix Company of Newark, OH, USA. The transaction is subject to, among other things, the negotiation and signing of a Definitive Agreement. Other terms were not disclosed.
Established in 1987, Composix, along with its sister companies, Ohio Armor and Force One LLC, has produced a variety of products in markets ranging from military and commercial armour, vehicle and aircraft armour protection to personnel body armour. As a specialty OEM producer of armour products, machined metallic parts and specialty products, Composix capabilities range from developing prototype parts and processes to the production of finished products.
Composix products include custom fabricated composite parts, armour products, bullet-resistant vests, protective plates, Aramid-Shield(TM) armour materials, military composites, lightweight military vehicle components, composite fuel tanks and coated yarns.
"This accretive transaction would, if completed, continue our strategy of core market acquisitions, and would incrementally add to earnings per share in 2007," said Steve Giordanella, CEO of CPC. "We admire Composix, its people and its unique capabilities and we look forward to finalizing the Definitive Purchase Agreement and bringing Composix to the CPC family. We also look forward to leveraging each company's talents, capabilities and resources. We believe the Composix product lines would complement our current product portfolio, contribute significantly to our product mix for our customers, and we would expect Composix to integrate directly into our distribution channels."
www.cerpro.com
ENDS