RIDGEFIELD, N.J. - Stockholders have approved the merger of Pure Tech International Inc. and Ozite Corp. The companies will operate under the Pure Tech International name. Under terms of the merger, Pure Tech of Somerset, N.J., will issue about 5.7 million shares of common stock to common and preferred shareholders of Ozite, according to a news release from the firms. Ozite preferred shareholders will receive a total $5 million redemption value of a new class of Pure Tech nonconvertible preferred stock, and $3.75 million of Pure Tech 10-year subordinated notes.
After the shareholders meeting, the board of directors met and elected 10 board members, and confirmed the senior operating management.
Fred Broling was named the new company's chief executive officer, David Katz its president, and Terry Brannen its chief financial officer.
The board also approved the move of corporate headquarters to Ridgefield.
Ozite of Libertyville, Ill., manufactures specialty plastic products under the trade names Colorite Plastics, Action Technology and Ozite Manufacturing. Ozite's sales for its 1994 fiscal year, ended July 31, were $180 million.
Pure Tech is an injection molder and recycles post-consumer plastics. Sales figures for Pure Tech for the nine months ended April 30 were $39.8 million, flat compared to the corresponding 1994 figure. The new company will operate 20 manufacturing facilities in the United States and four abroad.
The new, combined company will be a manufacturer of specialty plastic products and recycled plastic materials for consumer, industrial, medical packaging and automotive aftermarket applications, according to a news release.
Also, the Federal Trade Commission has approved Ozite's acquisition of Occidental Chemical's specialty vinyl dispersion resins plant located in Burlington, N.J.
Sales from the facility are expected to be about $55 million. The Burlington plant will operate as a division of the merged companies.
The purchase price will be determined at the time of closing, which will be sometime in August.