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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) March 25, 1997
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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 if 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 March 25, 1997, Chemi-Trol Chemical announced it had successfully
completed the sale of its Cory Orchard & Turf Division to Terra International,
Inc. Terra purchased accounts receivable, inventory, and fixed assets and
Chemi-Trol retained all liabilities. See attached Exhibit 99.1, press release
dated March 25, 1997.
ITEM 7. (C) EXHIBITS.
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<CAPTION>
Exhibit
Number Description of Document
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<S> <C>
99.1 Press Release dated March 25, 1997
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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.
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(Registrant)
Date: March 27, 1997 By: /s/ Robert W. Woolf
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(Registrant)
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 COMPLETES CORY ORCHARD SALE
GIBSONBURG, OHIO, MARCH 25, 1997--CHEMI-TROL CHEMICAL CO. (NASDAQ: CTRL) today
announced that it had successfully completed the sale of its Cory Orchard & Turf
Division to Terra International, Inc. for approximately $4.8 million.
The disposition of Cory Orchard was consummated pursuant to a plan announced by
the company in December 1996 to concentrate on its core businesses, the
Chemical Group and Propane Tank division.
Chemi-Trol's management feels that Cory Orchard & Turf has a strong market
position that will benefit from the combination with Terra International, Inc.
Proceeds from the divestiture may be used to retire debt, to invest in its core
businesses or 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 three 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; and Can-Van
Tools--it makes specialty hand tools for automotive repair.
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