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July 10, 2014
16:06 EDTZEPZep says fire-related sales losses may prompt revenue declines
The company said, "We are making excellent progress on our business continuity plan execution as we recover from the incident at our aerosol production facility, but realize this will create some uncertainty with respect to our future operational and financial results. We are communicating with our customers and working to minimize disruptions in the supply of aerosol products. We continue to believe our insurance will cover the majority of the costs associated with this incident, including business interruption; however we expect the timing of expenditures and insurance recovery to be misaligned. While we are encouraged by recent sales results, we believe that continuing sales pipeline success may only partially offset the fire-related sales losses potentially resulting in revenue declines in some or all of the next four quarters. We invested in a number of initiatives over the past year that started to deliver results in the most recent quarter. Had it not been for the incident, we expected these initiatives to continue to gain traction in the fourth quarter and beyond. However, we are now focused on implementing our business continuity plan with an eye on mitigating the impact of disruption, and believe that the returns on recent investments may be delayed as we manage through the recovery period.Ē
News For ZEP From The Last 14 Days
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June 25, 2015
12:31 EDTZEPZep Inc. shareholders approve merger with New Mountain Capital
Zep Inc. announced that its stockholders approved the previously announced merger with an affiliate of New Mountain Capital, L.L.C. at its special meeting of stockholders. Based on the tabulation of the stockholder vote, approximately 99.30% of the total votes cast, which represents approximately 80.66% of the total shares outstanding as of the May 22 record date for the special meeting, were voted in favor of the merger. Under the terms of the Merger Agreement, Zepís stockholders will receive $20.05 in cash per share at the closing of the transaction. The transaction remains subject to customary closing conditions and is expected to close on June 26.
June 24, 2015
11:37 EDTZEPZep Inc. to host special shareholder meeting
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