PIA Plans Public Offering Worth $30 Million
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IRVINE — PIA Merchandising Services Inc., which checks product displays and promotions in stores, said it plans a public offering of about $30 million in stock.
The Irvine company’s clients include Colgate-Palmolive Co., Ralston-Purina Co. and Nestle Beverage Co. as well as retail outlets owned by Thrifty Corp., Safeway Inc. and Vons Cos. Inc. PIA checks about 22,500 grocery stores and 7,500 drug stores nationwide.
For the nine months ended Sept. 30, PIA reported profit of $2.39 million on revenue of $78.5 million. PaineWebber Inc. and Furman Selz Inc. will underwrite the shares, which will be traded on the Nasdaq market.
The 52-year-old company moved to Irvine from the San Gabriel Valley in 1992.
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