Mr Engelhardt will remain with Admiral in a part-time executive role, when he is succeeded by Admiral's
current chief operating officer David Stevens as chief executive on May 12.
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Bayer also stated, "Given our national reach, our acquisitions, Admiral's
long-standing sales growth from existing products, and considering the acceptance we are seeing across a range of new products, it is management's view that the increases in sales and earnings we have seen in the first quarter of our new fiscal year are a window on the future for Admiral.
This manufacturing now moves to Admiral's
Toronto facility, contributing greatly to the efficiencies within our plant.
Bayer, Chairman and CEO of Admiral: "This acquisition dramatically broadens Admiral's
scope, taking us into a proven consumer product category.
Sanchez will turn over CEO duties to Admiral Zlatoper and will look to the Admiral's
much-admired management abilities and international market knowledge to help Sanchez implement a global expansion plan and work to meet market demand for its PROFILE(R)/Anyware software.
This Report covered Admiral's
first year as a public company pursuant to its IPO in April of 1996.
Bayer stated that, with the integration of the two companies, Admiral's
sales will increase to $5.
Bayer stated that this acquisition will increase Admiral's
sales by approximately 15 percent and profitability by approximately 50 percent.