SUMX Summa Industries

REINACH-BASEL, Switzerland and TORRANCE, Calif., Oct. 16 /PRNewswire-FirstCall/ -- Habasit Holding AG, a privately held Swiss company, and Summa Industries (NASDAQ:SUMX) jointly announced today that Habasit Holding USA, Inc., a wholly-owned subsidiary of Habasit, has completed the final step in the previously reported acquisition of Summa through the merger of Habasit Holding USA, Inc. with Summa. As a result of the merger, Summa is now a wholly-owned subsidiary of Habasit and will operate under the name Habasit Holding USA, Inc. The merger followed the recently-completed tender offer by Habasit Holding USA, Inc. At the time of the merger, Habasit Holding USA, Inc. owned over 90% of the outstanding shares of common stock of Summa. In the merger, each share of Summa's outstanding common stock was cancelled and (except for shares held by Habasit, its subsidiaries or stockholders properly exercising statutory appraisal rights under Delaware law) converted into the right to receive $15.00 per share in cash (the price paid in the tender offer), without interest and subject to required withholding for taxes. Trading of Summa's common stock on the Nasdaq Global Market has been suspended. Information will be mailed to former Summa stockholders who did not tender their shares into the offer explaining the steps to be taken to obtain the merger consideration or exercise statutory appraisal rights under Delaware law. Habasit Holding AG is a leading global producer of high quality conveyor belts and power transmission belts. Habasit's U.S. headquarters are located in Suwanee, Georgia. For more information regarding Habasit, visit the company's website at http://www.habasit.com/. Summa Industries manufactures proprietary plastic components for industrial and commercial markets. For more information regarding Summa, visit the company's website at http://www.summaindustries.com/. James Swartwout 310-792-7024 DATASOURCE: Habasit Holding AG; Summa Industries CONTACT: James Swartwout of Summa Industries, +1-310-792-7024 Web site: http://www.habasit.com/ http://www.summaindustries.com/

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