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Essef to Purchase General Aquatics

March 25, 1997|(Reuters)

Essef Corp. said it agreed to acquire Moorpark-based General Aquatics Inc. for about $68 million in cash and the assumption of certain debt. General Aquatics, a privately held company, builds swimming pools and makes pool equipment. It had sales of $166 million in 1996. The deal is expected to close by June 30. Essef said the deal is expected to boost earnings in its fiscal year ending Sept. 30. The Chardon, Ohio-based company said the acquisition will give it a strong presence in new markets and expand its product line. Essef earned $9.3 million on revenue of $200.9 million in fiscal 1996. General Aquatics, an American Products subsidiary, makes swimming pool equipment. Paragon, another unit, based in LaGrangeville, N.Y., manufactures swimming pool deck and underwater equipment. Essef's stock was unchanged at $19.75 on Nasdaq.

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