4/5/2010
HEADLINES
ACQUISITION: EACO Corp. Acquires Bisco Industries
EACO Corp. completed the acquisition of Bisco Industries Inc. for an undisclosed sum.
Founded in 1973, Bisco distributes fasteners and electronic components to the aerospace, electronics and industrial equipment industries. The company has 37 sales offices and six distribution centers in the U.S. and Canada.
The deal followed a December 22, 2009, agreement among EACO, Bisco and EACO CEO Glen Ceiley. Bisco became a wholly-owned subsidiary of EACO.
The officers and directors of Bisco will continue in such positions after the merger.
Bisco’s sole shareholder was Ceiley, who now owns over 98% of the outstanding common stock of EACO. Ceiley also owns 36,000 shares of the Series A Cumulative Convertible Preferred Stock of EACO.
Under a management agreement, Bisco handles the day to day operations of EACO and provides administration and accounting services through a steering committee. The steering committee consists of Ceiley and certain senior executives of Bisco, including William L. Means, VP of information technology. ©2010 GlobalFastenerNews.com
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