Jul 7 2004
Diversified Thermal Solutions Inc. announced today completion of the acquisition of a precast shape operation, LWC Precast. The acquired assets include a dry out furnace with a 5 million BTU burner system, which provides the means to fire the majority of all shapes at virtually any temperature. Precast shapes are an alternative to traditional refractory maintenance. By having the shapes custom made for the customer's specific application and ready for immediate installation, their downtime is significantly reduced.
John Curry, spokesman for Diversified Thermal Solutions, had this to say about the acquisition, "With this location, as well as our other future locations, we intend on focusing on small to medium sized production facilities in order to be flexible enough to quickly produce the shapes. In this business, speed or turnaround time is the key to success." Curry went on to say, "Although precast shapes have been used for a long time, they are becoming more widely accepted as a viable alternative to traditional maintenance, and recently have been used for complete vessel rebuilds. Due to this trend, we intend on growing this part of our business by very aggressive means, either by acquisition or the creation of new facilities. This particular transaction was completed with personal stock, allowing us to keep the number of outstanding shares unchanged, and obtaining an income producing asset without incurring any additional debt."
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