U.S. Industries/Jacuzzi acquires Spring Ram
The cash offer by U.S. Industries, parent company of Jacuzzi, to purchase the shares of Spring Ram Corp. has been declared wholly unconditional. As of July 16 USI owned or had received acceptances representing 71% of the issued share capital of Spring Ram.
In June USI made a cash offer of about $130.7 million for the company, which is based near Leeds, England. The transaction is expected to be completed during the third calendar quarter of 1999.
Spring Ram manufactures bathroom and kitchen products, including acrylic-jetted baths, shower enclosures, shower trays, sanitary ware, stainless steel sinks, molded kitchen sinks and counter tops. It will operate as a separately managed part of the Jacuzzi operations.