Rubbermaid to Buy Eldon: Eldon Industries Inc.,...
From Times Staff and Wire Reports
Rubbermaid to Buy Eldon: Eldon Industries Inc., which produces office products, has agreed to be acquired by housewares giant Rubbermaid Inc. for about $235 million in a stock-swap agreement. Eldon stockholders, who must approve the deal, will receive between 0.5438 and 0.6320 shares of Rubbermaid for each Eldon share. Rubbermaid, of Wooster, Ohio, said it will continue to operate Eldon with its current management. Inglewood-based Eldon, which earned $8.6 million on sales of $113 million last year, said layoffs among its 700 workers are unlikely.
