Chardon, Ohio--(BUSINESS WIRE)--March 2, 1994--Essef Corporation (NASDAQ:ESSF) announced today that its Pac-Fab subsidiary had signed a definitive agreement to acquire the assets of the Purex Pool Products division of Hydrotech Chemical Corporation, a subsidiary of Great Lakes Chemical Company (NYSE:GLK).
Closing is expected to occur in mid March. The purchase price is estimated to be approximately $10 to $12 million depending on the level of inventories at the closing.
Purex Pool Products manufactures and sells swimming pool filters, pumps, lights, and heaters, and has a manufacturing facility located in City of Industry, California.
In calendar 1993, the operations of Purex Pool Products being acquired generated approximately $25 million in revenues.
Essef Corporation in the fiscal year that ended September 30, 1993 had swimming pool and spa equipment sales of $45.7 million.