I know its late but what the heck.
Good Luck to All.
TomS
Tuesday August 26 9:06 AM EDT
Company Press Release
Source: Pacific Aerospace & Electronics
Pacific Aerospace & Electronics Plans to Acquire Olympic Tool &
Engineering, Inc.
WENATCHEE, Wash., Aug. 26 /PRNewswire/ -- Pacific Aerospace & Electronics, Inc. (Nasdaq:PCTH - news) announced
today that it has signed a letter of intent to acquire all of the outstanding stock of Olympic Tool & Engineering, Inc., of
Shelton, Washington. The transaction is valued at approximately $3.2 million in cash and common stock. Olympic Tool
provides precision machined and fabricated components primarily to the aerospace and nuclear industries and employs
approximately 70 people. Olympic Tool will join Cashmere Manufacturing Co., Inc. and Morel Industries, Inc. as members
of Pacific Aerospace & Electronics' Aerospace Group.
Don Wright, President and CEO of Pacific Aerospace & Electronics, said: ``The Olympic Tool acquisition is part of our
strategy to vertically integrate our technologies and production capabilities. One of our key strategies has been to expand by
acquiring companies within our core areas that are located on either side of the I-5 corridor. Olympic Tool is both profitable
and growing, and we are very pleased to have the opportunity to add it to our Aerospace Group. This acquisition will not
only give us additional machining and fabrication capacity, but will allow us to tap the skilled labor in the Shelton area. It
will also provide us with a hedge against the kinds of transportation difficulties that we faced during December 1996 and
January 1997, when severe weather caused frequent closures on the mountain passes. We look forward to welcoming the
Olympic Tool & Engineering employees to the Pacific Aerospace & Electronics family.''
Pacific Aerospace & Electronics, Inc. is a consolidator of companies with compatible products and services, and an
integrator of technologies that provide significant opportunities in related growth markets. Pacific Aerospace & Electronics
currently develops, manufactures, markets and sells a broad range of precision components and electronic assemblies
designed to operate with a high degree of reliability in harsh environments such as the ocean, space and the human body.
Markets served by the Company include the aerospace, space, defense, medical, energy, transportation, telecommunications
and general electronics industries. The Company has also recently announced the formation of an information technology
group. The Company's common stock trades on the Nasdaq National Market System under symbol ``PCTH,'' and its
warrants trade under the symbol ``PCTHW.''
SOURCE: Pacific Aerospace & Electronics |
