NEW YORK -- Paxar Corp., Pearl River, N.Y., a maker of woven labels for textiles and apparel, said it has signed a letter of intent to acquire European labeling supplier Orvac, based in Carpi, Italy.
Terms of the deal, expected to be finalized before the end of October, were not disclosed.
Paxar, with 1993 sales of $138.8 million, has U.S. manufacturing plants in Lenoir, N.C.; Sayre, Pa.; Vandalia, Ohio, and Paterson, N.J. It also manufactures in England, Italy, Germany, Poland and Hong Kong. The company employs about 1,400 worldwide.
The company said Orvac, whose 1993 sales were roughly $8 million, will continue to be headed by Carlo Rustichelli, managing director. Nearly 70 percent of Orvac's business is done outside of Italy. Orvac employs about 50.
In another move at Paxar, Victor Hershaft has been named chief operating officer, succeeding Thomas R. Loemaker, who retired Sept. 2.
Hershaft will continue as president of corporate sales and marketing, a post he has held since 1992. Arthur Hershaft continues as chairman and chief executive officer. The Hershafts are cousins.
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