At the same time, <%=company%> (Minnetonka, MN) announced its agreement to acquire the shares of MSI contingent upon approval of the Bankruptcy Court. The settlement provides that MSI will be acquired by Osmonics, and, in connection with the acquisition, Pall will be paid $13.5 million. The $13.5 million payment is in addition to approximately $6.0 million previously paid by MSI to Pall during 1996. Pall and MSI/Osmonics anticipate that the acquisition will be consummated within the first three months of 1998.
Pall, with annual sales over $1 billion, is a leading manufacturer of filtration and separation systems and media. Its products are marketed in healthcare, aeropower and fluid processing.
MSI develops, manufactures and markets a full line of microfiltration membranes and related prodicts for the diagnostic, laboratory, and industrial markets. Osmonics is a leading manufacturer and worldwide marketer of high technology water purification and fluid filtration, fluid separation, and fluid handling equipment, as well as replaceable components used in purification, filtration and separation equipment. these producers are used by a broad range of industrial, commercial and institutional customers.
For further information, contact MSI at (508) 366-8212 or visit the MSI website at msifilters.com.