Cohesant Technologies spins off GlasCraft subsidiary, completes merger with Graco

By Lisa Kerner

Charlotte, N.C., Feb. 27 - Cohesant Technologies Inc. completed the sale of its subsidiary GlasCraft to Graco Inc., which included a merger of Cohesant Technologies with Graco subsidiary Graco Indiana Inc. and the spinoff of all the non-GlasCraft business operations.

Shareholders approved the deal, valued at $25 million, at a special meeting on Wednesday.

Each share of Cohesant Technologies common stock, other than those owned by Graco or its affiliates, was automatically converted into the right to receive $9.43 per share in cash, without interest, under the companies' Dec. 3 merger agreement.

Immediately prior to the merger's close, Cohesant Technologies spun off its subsidiary, Cohesant Inc., by means of a special taxable dividend of one share of Cohesant Inc. stock for each share of common stock of Cohesant Technologies owned, a company news release stated. The record date for payment of the dividend was Tuesday.

Cohesant Inc. shares will trade in the over-the-counter market.

According to Cohesant Inc. chairman and chief executive officer Morris H. Wheeler, the divestment of GlasCraft was bittersweet but creates value for everyone involved.

Cohesant Inc., based in Beachwood, Ohio, specializes in the protection and renewal of drinking water distribution systems and wastewater collection systems for municipal, industrial, commercial and residential infrastructure.

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