May 14, 1997
ALLIED SIGNAL TO ACQUIRE PRESTONE PRODUCTS
The New York Times, All Rights ReservedALLIED SIGNAL TO ACQUIRE PRESTONE PRODUCTS
Allied Signal Inc. will acquire the Prestone Products Corporation, a car-care products company, from Prestone's managers and Vestar Capital Partners, a private investment firm. Financial terms were not disclosed. Prestone, best known for its antifreeze, was formed in August 1994 after a management buyout of the business from the First Brands Corporation of Danbury, Conn. It has annual sales of about $300 million. Prestone employs about 150 people at its manufacturing plants and about 120 at its headquarters in Danbury, where it operates a research and development facility. Allied Signal, based in Morris Township, N.J., makes auto parts, advanced polymers and specialty chemicals.
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