| Deal Description | In this deal, American Photocopy Equipment Company merged with Photo Paper Products, Inc., Clayton Chemical and Packaging Company, and Apeco of Canada, Ltd. The businesses and operations of all four companies were thereafter collectively referred to as Apeco. The company expected to use the proceeds for corporate purposes, including the financing of inventory and accounts receivable and expenditures for the development of new products. The company’s increased sales required larger amounts of working capital to finance accounts receivable and inventories. The company spent approximately $230,000 on the development of new products in the 1956 fiscal year and expected to spend an estimated $250,000 during the following fiscal year. Such development includes research on photocopy paper and concentrate, photocopy equipment, and experimentation in the commercial application of copying originals by electronic means. |
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