Enviro-Clean Signs Letter of Intent To Sell Subsidiary
The company anticipates net proceeds of $858,000, after eliminating debt associated with the original 1999 acquisition. Enviro-Clean expects to take a non-cash charge against current earnings of approximately $1,800,000 on the transaction, if completed. The letter of intent is conditioned upon the agreement of the parties to the terms and conditions of a definitive acquisition agreement and upon the Buyer obtaining financing for the proposed acquisition. Enviro-Clean has owned June Supply Corp. since its September 1999 acquisition.
Enviro-Clean of America Inc., with offices in San Antonio, Texas and New York is a manufacturer and distributor in the $15 billion janitorial and sanitary maintenance supply industry. Its wholly owned subsidiaries comprise 14 operating locations, which currently include Cleaning Ideas Corp (San Antonio, Texas); Sanivac/Davis Manufacturing Company (San Antonio, Texas); Kandel & Son (Hicksville, N.Y.); Superior Chemical & Supply (Bowling Green, Leitchfield and Beattyville, Kentucky).