Gar Wood Industries, Inc.
| Company Deal | 70,000 shares 4 1/2% cumulative convertible preferred stock |
|---|---|
| Transaction Type | Cumulative Convertible Preferred Stock |
| Deal Description | Gar Wood Industries, Inc., used a portion of the proceeds from this transaction to pay the purchase price of approximately 92% of the outstanding capital stock of the Buckeye Traction Ditcher Company. A portion of the proceeds was used for the purchase of machinery then under lease from the U. S. government, and another portion was used to replace working capital that was expended in the construction of the company's new plant at Mattoon, Illinois. The balance of the proceeds was used to finance sales and for inventory requirements. |