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.