Wynn's International, Inc. Completes Acquisition Of Goshen Rubber Companies, Inc.

Dec 20, 1999, 00:00 ET from Wynn's International, Inc.

    ORANGE, Calif., Dec. 20 /PRNewswire/ -- Wynn's International, Inc.
 (NYSE:   WN) announced today that it had completed the acquisition of all of the
 capital stock of Goshen Rubber Companies, Inc. headquartered in Goshen,
 Indiana.  Goshen is a privately held manufacturer of O-rings, tetraseals(R),
 gaskets and other rubber, plastic and urethane products with annual revenues
 of approximately $172.6 million for its fiscal year ended June 30, 1999.  On
 October 21, 1999, Wynn's announced that it had entered into a definitive
 agreement to acquire Goshen.
     At the Closing, Wynn's provided total consideration of approximately
 $88 million to purchase all of the outstanding stock of Goshen and to retire
 Goshen's outstanding bank debt.  Wynn's utilized its working capital and new
 borrowings of approximately $45 million to pay the purchase price and repay
 the outstanding bank debt of Goshen.
     James Carroll, Chairman of the Board and Chief Executive Officer of
 Wynn's, commented, "We are pleased to have successfully concluded the
 acquisition of Goshen on schedule.  We have already begun our efforts to
 achieve greater efficiencies and strengthen our overall competitive position.
 We continue to expect that for calendar year 2000, the acquisition will boost
 our consolidated revenues by more than 40% and be accretive to our earnings."
 
     Wynn's International, Inc., founded in 1939, is a worldwide supplier of
 high quality O-rings and sealing products; specialty chemical products,
 equipment, and related service programs; and builders hardware supplies.
 Including Goshen, the Company has approximately 4,500 employees and is
 headquartered at 500 North State College Boulevard, Suite 700, Orange,
 California 92868, telephone: (714) 938-3700.
 
     Certain statements contained in this release are forward-looking and may
 involve risk and uncertainties.  Such statements include, but are not limited
 to, the impact of the acquisition on the Company's competitive position and
 its future revenues and earnings.  These forward-looking statements are
 subject to uncertainties generally associated with acquisitions including the
 ability to realize greater efficiencies and productivity after completion of
 the acquisition and the kinds of uncertainties that affect our business and
 that of Goshen, particularly those of the kind mentioned in the
 Forward-Looking Statements section of Management's Discussion and Analysis of
 Financial Condition and Results of Operations in the Company's periodic
 filings with the Securities and Exchange Commission.
 
 

SOURCE Wynn's International, Inc.

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