British Firm to Buy 10.5% of Products Research Stock
Products Research & Chemical in Glendale said it agreed to sell 10.5% of its common stock to Courtaulds PLC of England for $25 a share, or $21.7 million.
PRC makes coatings, sealants and other specialty chemicals. Courtaulds is a chemicals, textiles and industrial products concern.
PRC’s agreement to sell the 868,000 shares includes a 10-year “standstill” covenant that prevents Courtaulds from acquiring additional shares without PRC’s consent. The covenant also would give PRC the right of first refusal if Courtaulds sells its PRC shares.
PRC President Dean M. Willard said the agreement is meant to “align PRC’s technological and market expertise with Courtaulds’ financial and international marketing power” and thus boost sales for both companies.
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