Orange-Based Wynn Agrees to Buy Goshen, Assume Debt

Wynn’s International Inc., an Orange-based auto parts and specialty chemical supplier, said Thursday it agreed to buy Goshen Rubber Cos. for $45 million in cash.

Wynn’s also said it agreed to assume $40 million in debt from Goshen, an Indiana-based manufacturer of O-rings and gaskets for the automobile industry.

Wynn’s expects the Goshen Rubber purchase to increase consolidated revenue by 40% and will add to earnings, said Chairman and Chief Executive James Carroll. Goshen had revenue of $172.6 million for the fiscal year ended June 30.

The sale is expected to be completed in December. No layoffs are planned.

Wynn’s rubber sealing products and industrial lubricants are used in cars, planes and ships. The company, which has 2,186 employees worldwide, posted sales of $336.9 million last year.

The purchase will complement the company’s precision unit, which makes sealants, said Seymour Schlosser, Wynn’s chief financial officer. Sealants separate various liquids, such as fuel or water, from air within an engine, Schlosser said.

He said the company is “constantly looking” for potential acquisitions, but isn’t talking with any other companies at this time.

William Johnson, Goshen Rubber’s chairman and chief executive, agreed to continue in his current position when the purchase is completed.

Wynn’s stock was unchanged Thursday, closing at $15 a share on the New York Stock Exchange. The shares have lost about 32% of their value so far this year.