| Deal Description | Eaton Yale & Towne, Inc., used the net proceeds from this transaction to reduce the amount of outstanding short-term notes payable to banks in the United States. A portion of such notes payable was incurred to pay off unsecured promissory notes of Yale & Towne, Inc., the Company's wholly owned subsidiary, assumed by the subsidiary when it acquired substantially all the assets of the Yale and Towne Manufacturing Comopany. The balance of the short-term loans represented by the notes was incurred to finance inventories and accounts receivable. |
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