DALLAS, Oct. 05, 2015 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (“CSW Industrials”) (Nasdaq:CSWI) today announced that it has acquired substantially all of the assets of Deacon Industries, Inc. (“Deacon” or the “Company”), based in Washington, Pennsylvania. Deacon is a leading manufacturer of high temperature sealants and injectable packings with applications in a variety of industrial end markets, both on an emergency and maintenance basis. The purchase price and financial details were not disclosed.
“The acquisition of Deacon is a terrific example of acquiring best-in-class products which will allow CSW Industrials to better service customers in our existing end markets,” said Joseph B. Armes, Chairman and Chief Executive Officer of CSW Industrials. “The strength of our long-term relationships with our wholesale distribution partners is a strategic asset that can be leveraged through synergistic acquisitions of high-quality companies such as Deacon.”
“With the acquisition of Deacon, we have added a line of unique, high-performance products which will complement our existing sealant and injectable packing product lines in our Coatings, Sealants and Adhesives business segment,” said Christopher J. Mudd, President and Chief Operating Officer of CSW Industrials. “We expect to substantially grow Deacon’s market presence through CSW Industrials’ worldwide distribution network and its deep customer relationships in the industrial sector.”
“Deacon has worked hard to build a reputation in the marketplace for unmatched quality of service and superior product performance,” added Daniel Bruckner, Deacon’s president. “CSW Industrials shares a similar commitment to quality and customer satisfaction. We are extremely enthusiastic about the acquisition and the potential to build on Deacon’s historical success.”
About CSW Industrials
CSWI is a diversified industrial growth company with well-established, scalable platforms and deep domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals. CSWI’s broad portfolio of leading products provides performance optimizing solutions to its customers. CSWI’s products include mechanical products for heating, ventilation and air conditioning (“HVAC”) and refrigeration applications, coatings and sealants and high performance specialty lubricants. Markets that CSWI serves include plumbing, HVAC, refrigeration, electrical, commercial construction, rail car and locomotive, oil and gas, mining, steel, transportation and general industrial markets.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on management’s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as “will” and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the trading of CSWI’s common stock and the operation of CSWI following the Share Distribution. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement.
Readers should not place undue reliance on any forward-looking statements and are encouraged to review CSWI’s final information statement and CSWI’s Form 10 registration statement, filed with the Securities and Exchange Commission, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, CSWI does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release, except as required by law.
Investor Relations Contacts: Michael Callahan ICR, Inc. Michael.Callahan@icrinc.com | 203-682-8311 Media Contacts: Phil Denning or Jason Chudoba ICR, Inc. Phil.Denning@icrinc.com | 646-277-1258, Jason.Chudoba@icrinc.com | 646-277-1249