Wynn’s Completes Goshen Purchase
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Wynn’s International Inc. completed its acquisition of Goshen Rubber Cos. for about $45 million in stock. Wynn’s also will assume about $43 million in debt.
Goshen, a Goshen, Ind., maker of O-rings, tetraseals, gaskets and other rubber, plastic and urethane products, has annual revenue of about $172.6 million.
Wynn’s, which is based in Orange, said Monday that it expects the acquisition to increase revenue by more than 40% in 2000 and to add to earnings. Wynn’s had 1999 revenue of $339.2 million and earnings of $27.3 million, or $1.43 a share.
The company will use its working capital and new borrowings of about $45 million to pay for Goshen.
Wynn’s supplies O-rings, sealing products, specialty chemical products and builders hardware supplies.
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