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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 6, 1996
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Chemi-Trol Chemical Co.
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(Exact name of registrant as specified in its charter)
Ohio 0-18797 34-4439286
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(State of other jurisdiction) (Commission (IRS Employer
if incorporation) File Number) Identification No.
2776 C.R. 69 Gibsonburg, Ohio 43431
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(Address of principal executive offices)
Registrant's telephone number, including area code (419) 665-2367
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Not Applicable
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(Former name or former address, if changed since last report.)
This document contains 3 pages.
The Exhibit Index is located on page number 2.
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ITEM 5. OTHER EVENTS.
On December 6, 1996, Chemi-Trol Chemical announced it had retained McDonald
& Co. to advise it in connection with the potential sale of two of its non-core
businesses, the Cal-Van Tools and Cory Orchard & Turf Divisions. See attached
Exhibit 99.1, press release dated December 6, 1996.
ITEM 7(C) EXHIBITS.
Exhibit
Number Description of Document
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99.1 Press Release dated December 6, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
CHEMI-TROL CHEMICAL CO.
(Registrant)
Date: December 12, 1996 By: /s/ Robert W. Woolf
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Name: Robert W. Woolf
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Title: President
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EXHIBIT 99.1
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
ROBERT W. WOOLF DENNIS WAITE
(419) 665-2367 (312) 640-6674
FOR IMMEDIATE RELEASE
CHEMI-TROL CHEMICAL RETAINS MCDONALD & CO.
FOR POTENTIAL SALE OF "NON-CORE" BUSINESSES
GIBSONBURG, OHIO, DECEMBER 6, 1996--CHEMI-TROL CHEMICAL CO. (NASDAQ/SMALL CAP:
CTRL) today announced it has retained McDonald & Co. to advise it in connection
with the potential sale of two of its non-core businesses.
The two divisions targeted for potential sale through McDonald & Co. are
Cal-Van Tools and Cory Orchard & Turf.
After a strategic review of the Company's business segments, Chemi-Trol's
board of directors has determined that to maximize future growth and
profitability it should concentrate on its Chemical and Propane Tank segments,
which offer the best opportunity for sustained earnings growth for the company.
Management feels strongly that both Cal-Van Tools and Cory Orchard & Turf
have a solid market position, but both could expect greater growth opportunities
under the ownership of companies whose core businesses are dedicated to the
automotive aftermarket and the agricultural chemical industry, respectively.
Proceeds from the divestitures would be used by the company to retire debt
to invest in its core businesses and for other corporate purposes, as determined
by the company's board of directors.
Chemi-Trol Chemical is a diversified industrial company in business since
1952. It has four divisions: Tank--it manufactures and distributes steel
pressure tanks for the storage of liquefied petroleum gas (LPG) and anhydrous
ammonia, used as fertilizer; Chemical Group--one of the largest applicators of
pavement marking and vegetation control materials in the United States and a
distributor of vegetation control materials to commercial and industrial users;
Cal-Van Tools--it makes specialty hand tools for automotive repair; and Cory
Orchard & Turf--a distributor of a broad range of agricultural, orchard and turf
products.
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