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J. P. Industries to Sell Builders' Hardware

October 19, 1989|From United Press International

ANN ARBOR, Mich. — J.P. Industries Inc. said it has signed a definitive agreement to sell its Builders' Hardware Group to Nalcor Inc.

Builders' Hardware Group consists of Weslock Corp. and JPI Modern Inc., wholly owned subsidiaries of J. P. Industries.

Weslock and JPI Modern, through its wholly owned subsidiary, Modern Faucet Manufacturing Co., make door locks and related hardware and sink spray heads and hoses. Combined sales for the companies were $44 million in 1988.

J. P. Industries said the sale will complete the previously announced divestitures of its plumbing and hardware operations. It will continue to make industrial equipment and engine and transmission products for cars, trucks and locomotives.

Nalcor makes door hardware and home security products. Its manufacturing facility is based in Sikeston, Mo., and its executive offices are located in Beverly Hills.

J. P. Industries said the sale is contingent upon several conditions, including regulatory filings and Nalcor obtaining necessary financing.

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