NTIC acquires remaining 50% of Indian JV for $6.25M; expects $0.10 EPS boost in FY2022

NORTHERN TECHNOLOGIES INTERNATIONAL CORP

Acquired remaining 50% of HARITA-NTI LTD. (Zerust India) for $6.25M cash, funded via cash on hand and expanded credit line.
Zerust India had $5.7M revenue and $1.15M earnings in FY2020; $6.7M revenue over nine months ended May 2021.
Full consolidation expected to contribute ~$10M net sales and >$2.2M net income, adding $0.10 per diluted share in FY2022.
Line of credit increased from $3M to $5M with PNC Bank; maturity extended to February 22, 2022; rate LIBOR + 2.50%.

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