PARSIPPANY, N.J. (AP) — GenTek Inc., a chemical and industrial products company, said Friday that it has reached an agreement to purchase the assets of GAC MidAmerica Inc., a producer of aluminum sulfate and bleach, for $7.8 million.
GenTek expects the acquisition to boost its 2007 earnings.
GAC MidAmerica, which has three manufacturing facilities in Toledo, Ohio, Indianapolis, Ind., and Saukville, Wisc., also distributes specialty water treatment chemicals, sulfuric acid and caustic soda.
According to GenTek, the transaction, expected to close by the end of September, will be funded from GenTek operating cash.
Shares of GenTek gained 4 cents to $29.99 in morning trading on the Nasdaq.