Exhibit 99
Contact: At the Financial Relations Board:
401-233-0333 212-661-8030
Sandra Souto Analyst Information: John McNamara
Investor Relations Media Information: David Closs
FOR IMMEDIATE RELEASE
July 6, 2000
Bacou USA Completes Acquisition of Whiting + Davis Safety of
North Attleborough, Massachusetts
o Adds leading brand of metal mesh safety gloves and metal mesh protective
apparel to Bacou's glove segment
o Acquired business expected to be accretive to earnings in 2000
Smithfield, R.I., July 6, 2000 Bacou USA, Inc. (NYSE: BAU), a leading
manufacturer of personal protective equipment, today announced that it has
completed the acquisition of Whiting + Davis Safety of North Attleborough,
Massachusetts in an all cash transaction. The transaction is effective July 1,
2000. Terms were not disclosed. Founded in 1876, Whiting + Davis Safety
manufactures and sells metal mesh safety gloves and protective apparel , serving
primarily the meat, poultry and food service industries.
"Whiting + Davis is a great addition to our growing glove segment," said
Philip B. Barr, President and CEO of Bacou USA. "Whiting + Davis is the leading
manufacturer and supplier of metal mesh safety gloves in the U.S. market. Their
products will extend our glove offerings into specialty product areas that we
have not previously covered."
"We are pleased that Whiting + Davis will join the Bacou USA family of
companies," said Curt Smith, President and CEO of WDC Holdings, Inc., the former
owner of Whiting + Davis Safety. "Since our acquisition of the business in 1991,
we have successfully developed the Whiting + Davis name into the leading brand
of metal mesh protective equipment on the market, both from the perspective of
reputation for quality products and number one market share. Consolidation in
our markets is proceeding quickly, and we believe that our customers and
employees are positioned better for the future by making Whiting + Davis part of
Bacou USA, a leading, multi-line safety products manufacturer."
"This transaction follows our usual formula for success," continued Barr.
"The entire workforce will be joining the Bacou USA family. We intend to
continue the existing operations of Whiting + Davis in their current location.
Our main goal is to further grow the business by taking advantage of synergies
in our common distribution channels. As with all of our prior acquisitions, we
expect the purchased business to be accretive to our earnings in its first year.
We anticipate the acquisition will add a fractional amount to our third quarter
earnings per share and then begin adding a full penny per quarter thereafter."
For its year ended December 31, 1999, Bacou USA reported net sales of
$272.8 million and, prior to non-recurring items, net profits of $27.5 million
and earnings per share of $1.56 on a weighted average 17.7 million shares. In
the latest twelve months, Bacou USA has reported net sales of $292.4 million,
net profits of $29.1 million and EPS of $1.65 on a weighted average 17.7 million
shares
Bacou USA, Inc. designs, manufactures and sells leading brands of products
that protect the sight, hearing, respiratory systems and hands of workers, as
well as related instrumentation including vision screeners, gas monitors and
test equipment for self-contained breathing apparatus. The company's products,
marketed under Uvex(R), Howard Leight(R), Perfect Fit(TM), Survivair(R),
Pro-Tech(R), Biosystems(TM), Titmus(R), LaserVision(TM) and Lase-R Shield(TM)
brand names, are sold principally to industrial safety distributors, fire
fighting equipment distributors and optical laboratories. News and information
about Bacou USA are available on-line at www.bacouusa.com or e-mail at
[email protected].
Statements contained in this press release that are not historical facts are
forward-looking statements that are made pursuant to the safe harbor provisions
of the Private Securities and Litigation Reform Act of 1995. In addition, words
such as "believes," "anticipates," "expects" and similar expressions are
intended to identify forward-looking statements. Forward-looking statements
involve risks and uncertainties, including but not limited to the timely
development and acceptance of new products, the impact of competitive products
and pricing, changing market conditions, the successful integration of
acquisitions, continued availability and favorable pricing of raw materials, and
the other risks detailed in the company's prospectus filed March 27, 1996, and
from time to time in other filings. Actual results may differ materially from
those projected. These forward-looking statements represent the company's
judgment as of the date of this release. The company disclaims, however, any
intent or obligation to update these forward-looking statements.
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