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Walter buying AIMCOR
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September 22, 1997: 10:29 a.m. ET
Home builder expanding industrial operations through $400M purchase
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NEW YORK (CNNfn) - Walter Industries Inc. said Monday it will buy privately-held Applied Industrial Materials Corp. for $400 million.
AIMCOR, based in Stamford, Conn., is the world's largest supplier of petroleum coke, a fuel and carbon source used in many industrial applications including steel and cement. It has about $450 million in annual revenues.
AIMCOR will continue to operate as an autonomous subsidiary.
The purchase will be financed through a loan from NationsBank, and Walter said it won't hurt its profitability. The company expects the deal to be completed by the end of November, pending approval from regulators.
Walter Industries (WLTR) has holdings mainly in home building and financing as well as industrial operations. The company said the purchase is intended to beef up the industrial units.
Walter Industries is headquartered in Tampa, Fla., and employs about 7,600. It had revenues of $1.5 billion in the fiscal year ended May 31, 1997.
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