3/29/2010
NEWS BRIEFS
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 and fasteners with 37 sales offices and six distribution centers located throughout the United States and Canada. Bisco supplies parts used in the manufacture of products in a broad range of industries, including the aerospace, circuit board, communication, computer, fabrication, instrumentation, industrial equipment and marine industries.
The deal followed a December 22, 2009, agreement among EACO, Bisco Acquisition Corp., Bisco and EACO CEO Glen Ceiley.
Bisco Acquisition Corp., a wholly-owned subsidiary of EACO, was merged with and into Bisco; Bisco was the surviving corporation in the merger and 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
Related Stories:
• ACQUISITION: Emhart Teknologies Acquires FIT
• ACQUISITION: Mountz Acquires Mr. Metric
• Acument Completes France Divestiture
• ACQUISITION: Acument Completes France Divestiture
Related Links:
Share: