JPS Announces Completion of the Sale of Stevens Roofing(R) and Geomembrane Business Unit

GREENVILLE, S.C., July 1  /PRNewswire-FirstCall/ -- JPS Industries, Inc. (JPST.PK) announced today that it has completed the sale of its Stevens(R) Roofing and Geomembrane business unit and related assets to Dow Building Solutions (DBS), a market-facing unit of The Dow Chemical Company.  Financial terms and conditions were not disclosed.  The transaction does not involve the Company's other operating units, JPS Composite Materials and Stevens(R) Urethane.

Michael Fulbright, Chairman, President, and Chief Executive Officer commented, "We are very pleased to have completed the sale of Stevens(R) Roofing and Geomembrane business unit to Dow Building Solutions.  In the short term we will use the funds from the transaction for debt reduction which will further strengthen our already very solid balance sheet.  The short and long term strategic implications for the Company are very significant as we are now positioned to focus all management attention and financial resources on our two remaining business units; Stevens(R) Urethane and JPS Composite Materials. Both businesses currently enjoy market leadership positions in the vast majority of their product offerings, and we intend to further enhance these positions.  Our balance sheet will afford us the resources and opportunity to aggressively pursue organic growth opportunities as well as strategic acquisition opportunities that may well present themselves over the coming months and years."

Mr. Fulbright commented further, "I would like to take the opportunity to thank all employees of the Stevens(R) Roofing and Geomembrane organization for the contributions they have made to JPS Industries over the years and wish them much success as they join the Dow Building Solutions family."

JPS Industries, Inc. is a major U.S. manufacturer of extruded urethanes, ethylene vinyl acetates and mechanically formed glass and aramid substrate materials for specialty applications in a wide expanse of markets requiring highly engineered components.  JPS's products are used in a wide range of applications including: printed electronic circuit boards; advanced composite materials; civilian and military aerospace components; filtration and insulation products; specialty commercial construction substrates; high performance glass laminates for security and transportation applications; photovoltaic solar modules; paint protection films; plasma display screens; medical, automotive and industrial components; and soft body armor for civilian and military applications.  Headquartered in Greenville, South Carolina, the Company operates four manufacturing locations in Anderson and Slater, South Carolina; Statesville, North Carolina; and Easthampton, Massachusetts.

  CONTACT: Charles R. Tutterow
           Executive Vice President
            and Chief Financial Officer
           864/239-3915


DATASOURCE: JPS Industries, Inc.



CONTACT:  Charles R. Tutterow, Executive Vice President and Chief

Financial Officer of JPS Industries, Inc., [phone]

Copyright