HOUSTON - The merger of Gundle Environmental Systems Inc. of Houston and SLT Environmental Inc. of Conroe, Texas, has been completed. As part of the merger, issued and outstanding SLT common stock was canceled and exchanged for 7 million shares of Gundle common stock.
William P. Reid, former SLT president and chief executive officer, was named president and chief executive officer of the new company, now called Gundle/SLT Environmental Inc.
Gundle/SLT entered into a $35 million revolving credit facility with NationsBank of Texas N.A. and issued $25 million of notes to institutional investors. Proceeds were used to refinance existing Gundle and SLT debt and provide additional working capital for the new firm.
Gundle/SLT is a provider of geomembranes and lining systems for managing and protecting water and other resources.
Penn Engineering begins expansion
DANBORO, PA. - Penn Engineering & Manufacturing Corp. has begun its plant expansion.
The Danboro developer and maker of self-clinching and broaching fasteners will add 42,000 square feet to its existing 195,000-square-foot plant.
Penn Engineering's 1994 sales exceeded $120 million. It employs more than 1,000. The firm has plants in Danboro, Winston-Salem, N.C., Harleysville, Pa., and Suffolk, Va.
Briefly. . .
Miller Medical Specialties of Jenison, Mich., has been named the representative for the Great Lakes region for NDH Medical Inc.'s line of custom extruded tubing for the medical industry. NDH is in St. Petersburg, Fla. Vytron Corp. of Loudon, Tenn., named Martek Associates of Oceanside, Calif., a representative for its fenestration line of custom thermoplastics extrusions; and D2 Ltd. of Willoughby Hills, Ohio, a representative for its industrial and original equipment manufacturer line of custom thermoplastic extrusions.