Oglebay Norton (NASDAQ:OGLE)
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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
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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/