Attached files
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8-K - FORM 8-K - HAWKINS INC | c62172e8vk.htm |
EX-2.1 - EX-2.1 - HAWKINS INC | c62172exv2w1.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
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Contacts: | John R. Hawkins | ||
Chief Executive Officer | ||||
January 10, 2011
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612/617-8532 | |||
Hawkins, Inc.
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John.Hawkins@HawkinsInc.com | |||
3100 East Hennepin Avenue |
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Minneapolis, MN 55413
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Kathleen P. Pepski | |||
Chief Financial Officer | ||||
612/617-8571 | ||||
Kathleen.Pepski@HawkinsInc.com |
HAWKINS, INC. ANNOUNCES AGREEMENT TO ACQUIRE
THE ASSETS OF VERTEX CHEMICAL CORPORATION
Minneapolis, MN, January 10, 2011 Hawkins, Inc. (Nasdaq: HWKN) today announced that it
has entered into a definitive agreement to acquire substantially all the assets of Vertex Chemical
Corporation and its affiliates.
Hawkins Chief Executive Officer, John R. Hawkins, commented, We are extremely pleased to be
welcoming a company the caliber of Vertex into the Hawkins organization. Vertex shares our value
of placing the customer first and has built a high-quality manufacturing and distribution business
focused on manufacture and packaging of sodium hypochlorite bleaches in strategically located
facilities. We believe this transaction will offer significant benefits to our shareholders as we
intend to build on Vertexs capabilities, plant sites and employees to broaden the products and
services offered to Vertexs current customer base. In addition, this acquisition provides us with
an expanded geographic footprint and additional infrastructure to support our strategy of
geographic growth for our Water Treatment Group.
Michael H. Moisio, Chairman of Vertex added, My wife, Lee, and I have operated this family
business for the last 32 years and we are very pleased with the opportunity for the Vertex business
to increase its growth within the Hawkins organization. We have known and respected Hawkins and
its management team for many years. Hawkins has a similar culture to that of Vertex, placing high
value on quality and complete customer satisfaction. Both companies are committed to a seamless
transition for our customers, suppliers and employees.
Vertex Chemical Corporation and its affiliates had revenues of approximately $39 million in 2010.
The acquisition is expected to be accretive to Hawkinss earnings; however Vertexs margins have
historically been somewhat lower than those of Hawkins.
The transaction is subject to customary closing conditions and is expected to close in January.
Greene, Holcomb & Fisher served as the financial advisor to Hawkins, Inc. and The Valence Group
served as the financial advisor to Vertex Chemical Corporation.
About Hawkins
Hawkins, Inc. distributes, blends and manufactures bulk and specialty chemicals for its customers
in a wide variety of industries. Headquartered in Minneapolis, Minnesota, and with 20 facilities in
11 states, the Company creates value for its customers through superb customer service and support,
quality products and personalized applications. For more information on Hawkins, visit
www.hawkinsinc.com.
-more-
HAWKINS, INC. ANNOUNCES AGREEMENT TO ACQUIRE THE ASSETS OF VERTEX CHEMICAL CORPORATION
January 10, 2011
Page Two
Page Two
About Vertex Chemical Corporation
Vertex Chemical Corporation has been a manufacturer of sodium hypochlorite in the central Midwest
since 1949. In addition to the manufacture of sodium hypochlorite bleaches, Vertex distributes and
provides terminal services for bulk liquid inorganic chemicals, and contract and private label
packaging for household chemicals. Corporate headquarters are located in St. Louis, Missouri,
manufacturing sites in Dupo, IL; Camanche, IA; and Memphis, TN. Vertex is a Responsible Care member
of the American Chemistry Council and the Chlorine Institute.
Cautionary statement regarding forward-looking statements
This press release contains forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements include statements regarding benefits of the proposed transaction, future performance,
and the completion of the transaction. These statements are based on the current expectations of
management of Hawkins, involve certain risks, uncertainties, and assumptions that are difficult to
predict, and are based upon assumptions as to future events that may not prove accurate.
Therefore, actual outcomes and results may differ materially from what is expressed herein. There
are a number of risks and uncertainties that could cause actual results to differ materially from
the forward-looking statements included in this document. For example, among other things,
conditions to the closing of the transaction may not be satisfied and the transaction may involve
unexpected costs, liabilities, or delays, any of which could cause the transaction to not be
consummated. The actual financial impact of the transaction may be negatively affected by changes
in revenues or costs. Additional factors that may affect the future results of Hawkins are set
forth in its filings with the Securities and Exchange Commission, which are available at
www.sec.gov. All forward-looking statements in this release are qualified by these cautionary
statements and are made only as of the date of this release. Hawkins is under no obligation (and
expressly disclaims any such obligation) to update or alter its forward-looking statements, whether
as a result of new information, future events, or otherwise.