Atwood Mobile Products, Rockford, Ill., has successfully gained majority control of Hydro Flame Corp., 1874 S. Pioneer Road, in a $10.50 per-share offer. Almost 90 percent of Hydro Flame's outstanding common stock is being tendered.
The Illinois company tried for several weeks to take over Hydro Flame, which produces heaters for recreation vehicles. The two companies announced several days ago they had agreed to merge.Members of Hydro Flame's board of directors have resigned and Atwood's directors have been elected. The new directors are Robert A. Pickering, Atwood president, Steven L. Boyle and Carl E. Pfalzgraf. Eldon Wright, Hydro Flame's president and chief operating officer, will continue to manage the company's operations.
Skyline Industries, an autonomous subsidiary of Hydro Flame, Pleasant Grove, which manufactures marine fuel tanks, will be transferred to former Hydro Flame Chairman Von H. Whitby as part of the merger agreement.
All other Hydro Flame products, operations and employees in Salt Lake City and Elkhart, Ind., are being retained.