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Article: Ceradyne, Inc. Completes Acquisition of ESK Ceramics.
- Article from:
- Business Wire
- Article date:
- August 26, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COSTA MESA, Calif. -- Ceradyne, Inc. (Company) (Nasdaq:CRDN) announced that it has completed the acquisition of ESK Ceramics GmbH & Co. KG, a German-based manufacturer of industrial technical ceramic powders and advanced technical ceramic products.
The purchase price, including the amount paid to the seller and assumed liabilities, is approximately $142 million (at an exchange rate of $1.2338/Euro). The purchase price was funded with a $110 million term loan provided by a syndicate of lenders led by Wachovia Bank, and the balance with a portion of Ceradyne's existing cash. Interest on the term loan is LIBOR plus two percent. The calculation of the purchase price ...