WTC Industries shareholder's approve CUNO merger
Shareholders of WTC Industries Inc., parent company of PentaPure Inc., overwhelmingly approved the proposed merger of WTC with a subsidiary of CUNO Inc.
EAGAN, MN, July 29, 2004 (BUSINESS WIRE) -- WTC Industries Inc. announced that at a special meeting of its shareholders held today shareholders approved the proposed merger of WTC with a subsidiary of CUNO Inc. The vote was 1,657,557 shares in favor, 450 shares against, and 10 shares abstaining. It's anticipated that the merger will close Aug. 2.
WTC, through its PentaPure Inc. operating subsidiary, manufactures water filtration systems and replacement filter cartridges for point-of-use applications, including residential refrigerators and under-the-counter drinking water systems. WTC is based in Eagan, MN, and employs about 220 people. During 2003, WTC's sales totaled $28.3 million and sales for the trailing twelve month period (through its quarter ended April 2, 2004) totaled $33.8 million.
Meriden, CT-based CUNO is a world leader in the design, manufacture and marketing of a comprehensive line of filtration products for separation, clarification and purification of liquids and gases. CUNO's products, which include proprietary depth filters and semi-permeable membrane filters, are used in the potable water, healthcare, and fluid processing markets.