latest news releases from the newsroom
DSM completes acquisition of NeoResins from Avecia
HEERLEN, The Netherlands, Feb. 2, 2005 (PRIMEZONE) -- Today Royal DSM N.V. completed the acquisition of NeoResins, the coating resins business of Avecia. The intention of this acquisition was announced on 14 December 2004. Necessary approvals have been obtained from the relevant authorities. The acquisition fits perfectly in DSM's strategy and means a substantial strengthening of DSM's coating resins business, part of the company's Performance Materials cluster.DSM has paid Avecia a transaction price of EUR 515 million in cash. The transaction comprises the entire NeoResins business on a cash and debt free basis. NeoResins' sales in 2004 were around EUR 270 million with an EBITDA of approximately EUR 52 million. The company employs 635 people. The acquisition will be earnings per share enhancing as of year one.
Enercorp Management Wins Proxy Fight
FARMINGTON HILLS, Mich., Feb. 1, 2005 (PRIMEZONE) -- "Shareholders of Enercorp, Inc. (Pink Sheets:ENCP) today endured a six-hour, sometimes contentious, 2004 Annual Meeting of Shareholders at its corporate headquarters in Farmington Hills, Michigan before Management prevailed over a Dissident Stockholder from Florida," reported James C. Sargent, Chairman of the Board of Directors.
Yantai Dahua Holdings Company Limited
Yantai Dahua Holdings Approves Debt Financing for Plant Expansion
EAST OF MUPONG, YANTAI, SHANDONG, People's Republic of China, Feb. 1, 2005 (PRIMEZONE) -- Yantai Dahua Holdings Company Limited (OTCBB:YDHCF) announced today that the board of directors has approved a private placement offering to accredited investors to raise up to $8 million in the form of secured convertible debentures. The proceeds from the debenture offering will be used to finance a new plant facility and production equipment for specialty thin paper products. The new plant and equipment is expected to increase overall annual production capacity from 28,000 tons to 36,000 tons of paper. The specialty thin paper products will allow Yantai to offer a premium, high-end product to its customers.
Wolverine Tube Inc.
Wolverine Tube Schedules Fourth Quarter 2004 Earnings Conference Call
HUNTSVILLE, Ala., Feb. 1, 2005 (PRIMEZONE) -- Wolverine Tube, Inc. (NYSE:WLV) today announced that it plans to report earnings for the fourth quarter ending December 31, 2004. A news release and supporting financial data will be released to the news wire services and the New York Stock Exchange before the market opens, and a conference call will be held at 9:30 a.m. Central (10:30 a.m. Eastern) on Thursday, February 24, 2005. The full text of the earnings news release and supporting financial data will be available prior to the start of this call on the Company's website, http://www.wlv.com, in the Investor Relations section under the "Press Releases" link.
Environmental Technologies International, Inc.
AWE Retrofit Engineering & Design Completed and Building of Prototype Retrofit Unit Commenced
TUCSON, Ariz., Feb. 1, 2005 (PRIMEZONE) -- The management of Environmental Technologies International, Inc. (Pink Sheets:EMTI) is pleased to announce that its subsidiary, Awe Engineering, Inc., has completed the initial engineering and designs for a retrofit AWE HVAC unit applicable for commercial-building mass markets, and that it has begun to build the prototype of this unit. The unit will incorporate improvements in water technology and additional state-of-the-art refinements that are expected to improve upon the already impressive capabilities of the AWE system.