The JPM Company and Denron Inc. announce the signing of the agreement and plan of merger
BusinessWire, Monday, March 03, 1997 at 16:17
LEWISBURG, Pa.--(BUSINESS WIRE)--March 3, 1997--The JPM Company
(NASDAQ:JPMX) and Denron Inc. announced Monday that they had signed
a definitive agreement to merge the two companies in a transaction
to be accounted for as a pooling of interests transaction.
This announcement follows the company's Nov. 25, 1996
announcement of their signed letter of intent to merge the two
companies.
Denron is a privately held, ISO registered manufacturer of cable
assemblies and wire harnesses with principal operations in San Jose,
Calif. and manufacturing support in China and Southeast Asia.
Like JPM, it sells primarily to leading OEMs in the computer,
networking and telecommunications markets. Denron's sales for its
fiscal year ended March 31, 1996 were $25 million, while JPM reported
sales of $60 million for its fiscal year ended Sept. 30, 1996.
The signed agreement calls for JPM to acquire all of Denron's
outstanding shares in exchange for JPM stock on a formula based on JPM
common stock's average closing market value for the 15 days prior to
the closing of the transaction, but the value of the transaction can
not exceed $23 million. At the Feb. 26, 1997 closing price of
$18, JPM would have issued approximately 1,278,000 shares.
John H. Mathias, JPM's chairman and chief executive officer,
said, "We and our combined customer base continue to be very happy
about Denron's decision to join JPM, and we look forward to
completing our proxy statement and obtaining the required shareholder
vote to consummate the merger. Due diligence is proceeding and we
hope to complete the merger in early May."
The JPM Company is a leading independent manufacturer of cable
assemblies and wire harnesses for original equipment manufacturers
in the computer, networking and telecommunications sectors of the
electronics industry.
For information contact: William D. Baker at 717/524-8200 or
Win Neilson at 717/671-0929. Headquartered in Lewisburg, JPM also
has manufacturing facilities in Beaver Springs, Pa., Winnsboro, S.C.
and Guadalajara, Mexico.
CONTACT: The JPM Company, Lewisburg
William D. Baker, 717/524-8200 or
Win Neilson, 717/671-0929
KEYWORD: PENNSYLVANIA SOUTH CAROLINA CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED MERGERS/ACQ
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