Industrial minerals company Global Stone (TSE) acquired a 10-year lease on virtually all the assets of Detroit Lime Co. in Michigan.
Global paid a US$5-million security deposit and acquired inventories for US$4 million, funding the payments from internal sources as well as through banking facilities.
The company can acquire Detroit Lime’s assets for US$9 million after Dec. 31, 1999, with the security deposit credited against the purchase price. Global Stone is involved in the extraction and processing of industrial minerals and construction aggregates from
its operations in Ontario, Tennessee, Virginia and now Michigan.
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