OTHER NEWS - May 2, 1995
<i> Times Staff and Wire Reports</i>
ICI to Buy Paint Group: The London-based chemical company said it has agreed to purchase New York’s Grow Group Inc. for $290 million. Grow deals mainly in architectural paints and coatings and expects sales for the fiscal year ending June 30 to be $500 million--a big boost for Imperial Chemical Industries’ Paints Americas division. That operation includes U.S. paint maker Glidden Co. and has sales of about $1 billion a year. ICI reached an agreement with Grow’s biggest shareholder, the Venezuelan industrial conglomerate Corimon, to sell its 25% stake for $17.50 per share. Grow executives then agreed to a tender offer for the rest of the company’s shares at $18.10 each.
