Brunswick Agrees to Buy ICO for $37.7 Million

Brunswick Corp. said it agreed in principle to acquire ICO Inc. for $37.7 million.

Brunswick said the proposed transaction will be subject to a definitive agreement and calls for Brunswick to acquire all of the 5,385,359 shares of ICO Inc. stock outstanding for $7 a share in cash.

In February, Brunswick had said it was in talks to buy ICO, A FORT Worth oil-field service company, for a combination of cash and Brunswick stock at $7.50 a share or a total of $40.4 million.

Brunswick said that , when the acquisition is completed, ICO will operate as part of its valve and control division, which is headquartered in Houston.