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Internal Announcement
September 15, 2003
Lake Forest, Ca., TRISTAR Laminates, Inc. has signed a
letter of intent to purchase the manufacturing assets of Laminating Corporation
of America (LCOA) of Garden Grove, CA, a wholly owned subsidiary of EIS Inc.,
Atlanta, Georgia.
Under the proposed agreement, TRISTAR agrees to purchase
certain assets, patents and brands from LCOA and continue to supply EIS branches
in the USA with LCOA brand product. TRISTAR will assume responsibility for all
LCOA non-domestic sales.
TRISTAR’s intent is to consolidate LCOA’s Garden Grove
facility into its Lake Forest manufacturing operation in the short term in an
effort to reduce operating costs and gain operational efficiencies.
I believe that this is an excellent agreement for both
companies considering the low rates of installed capacity utilization in our
industry. It allows TRISTAR to more fully utilize its manufacturing assets based
on the increased volume of production. In
addition, this acquisition will allow TRISTAR the added flexibility to continue
to invest in the business, its processes and technology to provide new and
innovative products.
Under the terms of the agreement, TRISTAR will be able to
brand the SlickbackTM
technology under the TRISTAR brand name and market the product through
INSULECTRO. This patent will also
allow us the flexibility to take our existing R&D projects and get them to
the market quicker.
The sale is expected to close in late September of 2003.
Sincerely,
Tim Redfern
President
TRISTAR Laminates, Inc.
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