Reinhold (NASDAQ:RNHDA)
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Reinhold Industries, Inc. Announces Sale of Bingham Business Unit
SANTA FE SPRINGS, Calif., Dec. 22 /PRNewswire-FirstCall/ -- Reinhold
Industries, Inc. (NASDAQ:RNHDA) of Santa Fe Springs, California, announced
today that on December 17, 2004, Samuel Bingham Enterprises, Inc., a
wholly-owned subsidiary of Reinhold Industries, Inc., sold certain assets and
transferred certain liabilities to Finzer Roller, L.L.C. for $3.127 million
cash, subject to post-closing adjustments.
The assets sold included accounts receivable, inventories, prepaid expenses,
equipment, real property, tangible personal property, intellectual and other
intangible property. Liabilities transferred include accounts payable, accrued
expenses and defined benefit pension plan obligations. The purchase price will
be adjusted based on the computation of closing date working capital.
"When we purchased Bingham in 2000, our strategy was to use this commercial
business as a balance against our heavy reliance on the defense industry," said
Michael T. Furry, President and CEO. "We made significant investments in
infrastructure and human resources in order to improve quality and safety. We
closed unprofitable locations and identified niche opportunities to generate
higher margins. However, during these last four years, the roller marketplace
has contracted and pricing competition among the remaining manufacturers has
intensified. We felt that given the continuing challenges in this industry,
our shareholders would be better served by selling Bingham. I wish the Finzer
family the best of luck in the future."
Reinhold Industries, Inc. is a manufacturer of advanced custom composite
components and sheet molding compounds for a variety of applications in the
United States and Europe.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
To the extent the Company makes certain "forward-looking statements" in this
press release, such as statements about future plans, goals and other events
which have not yet occurred, such statements are intended to qualify for the
safe harbors from liability provided by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can generally be identified
because they include words such as the Company "believes," "anticipates,"
"expects" or words of similar import. These forward-looking statements involve
risks and uncertainties and the actual results could differ materially from
those discussed in the forward-looking statements. These risks and
uncertainties include, without limitation, risks associated with levels of U.S.
and foreign military spending, currency fluctuations and the financial
condition of the airline industry. You should consider these risks and factors
and the impact they may have when you evaluate these forward-looking
statements. These statements are based only on the Company's knowledge and
expectations on the date of this press release. The Company disclaims any duty
to update these statements or other information in this press release based on
future events or circumstances.
DATASOURCE: Reinhold Industries, Inc.
CONTACT: Judy Sanson of Reinhold Industries, Inc., +1-562-944-3281