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K-Tron Acquires Midwest Manufacturer

The Pitman-based firm paid about $10.5 million for J.M.J. Industries, which operates under the trade name Gundlach.K-Tron International (Nasdaq: KTII) today said it bought all of the stock of J.M.J. Industries, which operates under the trade name Gundlach, for $6.2 million in cash and a $3.0 million, three-year 5% unsecured promissory note due March 2010. K-Tron also paid off all of the acquired company”s $1.3 million bank debt.

Based in Pitman, K-Tron designs, produces, markets and services material-handling equipment and systems. Gundlach, an Illinois firm, manufactures crushers and other size-reduction equipment for the coal mining industry. Top management at Gundlach is expected to remain on board following the acquisition.

K-Tron stock jumped $2.75 to $43.25 in afternoon trading.