Oglebay Norton Announces Sale of Lawn and Garden Business Unit To Oldcastle Retail, Inc.
October 28 2003 - 8:59AM
PR Newswire (US)
Oglebay Norton Announces Sale of Lawn and Garden Business Unit To
Oldcastle Retail, Inc. Deal Includes Supply Agreement CLEVELAND,
Oct. 28 /PRNewswire-FirstCall/ -- As part of its ongoing business
restructuring, Oglebay Norton Company today announced that its
wholly-owned subsidiary, Global Stone Corporation, has sold its
lawn and garden business unit to Oldcastle Retail, Inc. Terms of
the asset purchase agreement were not disclosed; however, as part
of the asset purchase agreement, Oglebay will continue to supply
Oldcastle Retail with certain raw materials under a multi-year
agreement. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990901/CLW017 ) "This sale is
a prime example of how we are making tangible progress on our
publicly stated goals to pay down debt and better position the
company for the future around our core limestone and limestone
fillers operations," said Oglebay Norton President and Chief
Executive Officer Michael D. Lundin. "Not only does this sale
generate cash, but the supply agreement further enables us to focus
on our core competencies of extracting, processing and providing
minerals." Oglebay Norton's lawn and garden business unit is part
of the company's Global Stone segment. Oldcastle Retail, Inc., an
operating unit of Oldcastle Inc., is a national supplier of
concrete patio products, bagged lawn and garden products, dry
mixes, gray block, and other building products to home centers and
independent retailers. Oldcastle will operate the business within
its Oldcastle Stone Products division. Oglebay Norton Company, a
Cleveland, Ohio-based company with a 149-year heritage, provides
essential minerals and aggregates to a broad range of markets, from
building materials and home improvement to the environmental,
energy and metallurgical industries. The company's website is
located at http://www.oglebaynorton.com/ . Certain statements
contained in this release are "forward-looking" in that they
reflect management's expectations and beliefs regarding the future
performance of the Company and its operating segments.
Forward-looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the
control of the Company, which could cause actual results to differ
materially from such statements. There can be no assurance that a
successful restructuring can be accomplished, and that it will
provide adequate liquidity for the Company to sufficiently improve
its financial position. Please refer to the Company's current and
subsequent SEC filings under the Securities and Exchange Act of
1934, as amended, for further information.
http://www.newscom.com/cgi-bin/prnh/19990901/CLW017
http://photoarchive.ap.org/ DATASOURCE: Oglebay Norton Company
CONTACT: Julie A. Boland, Vice President, Chief Financial Officer
and Treasurer of Oglebay Norton Company, +1-216-861-8941, or email,
; or Steve Phillips, Vice President of Edward Howard & Co.,
+1-216-781-2400, or email, Web site: http://www.oglebaynorton.com/
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