Structural foam and web producer Fort Wayne Plastics Inc.'s parent company has tentatively been acquired by a subsidiary of cleaning products manufacturer and distributor Katy Industries Inc. of Bridgeton, Mo.
According to a Jan. 30 SEC filing, Continental Commercial Products LLC, a subsidiary of Katy Industries Inc., has entered into an agreement to purchase all of the capital stock of FTW Holdings Inc., the parent of Fort Wayne Plastics Inc., for $11.5 million, subject to pre-closing and post-closing purchase price adjustments based on working capital levels.
The acquisition is scheduled to close on Feb. 25. The filing also noted that the sellers or buyers may terminate the purchase agreement at any time at their respective discretion prior to closing.
Fort Wayne Plastics specializes in low-pressure, multi-nozzle multi-cavity structural foam and structural web molding using gas assist. The company, according to its website, was started in the 1970s and operates out of a 170,000 square foot facility in Fort Wayne.
Continental Commercial Products, like its parent, Katy, is in Bridgeton. It makes floor care, janitorial and food service cleaning products.
Officials at Katy Industries and Fort Wayne did not return calls for comment.
Katy is publicly traded on the Over-The-Counter Bulletin Board.
P&M Corporate Finance served as financial adviser to Fort Wayne Plastics.