Northern Technologies International Corporation Acquires Remaining Ownership Interest in Indian Joint Venture
MINNEAPOLIS, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ:NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today announced that it has acquired the remaining 50% ownership interest in its Indian joint venture, HARITA-NTI LTD. ("Zerust India"), for USD $6.25 million in cash. NTIC funded the purchase price with a combination of cash on hand and borrowings under its revolving line of credit, which was increased in connection with the transaction to $5.0 million. "NTIC's network of joint ventures was carefully built over the last 35 years, in order to efficien
