Wolverine Tube (NYSE:WLV)
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Wolverine Tube, Inc. Consolidates and Expands Wholesale Product
Distribution Center
HUNTSVILLE, Ala., June 4 /PRNewswire-FirstCall/ -- Wolverine Tube, Inc.
(NYSE:WLV) announced today that it has consolidated and expanded wholesale tube
distribution capability with the addition of a 109,000 sq. ft. distribution
center near Decatur, AL. This consolidation and expansion will enhance
wholesale tube distribution capability in the U.S. and reduce existing freight
costs. Further, consolidation in this new location frees up space in the
Company's Jackson, Tennessee, welded tube manufacturing plant. A portion of
the Jackson facility was previously used for a distribution center and Jackson
will now be devoted to the production and distribution of our industrial tube
products.
Commenting, Dennis Horowitz, Chairman, President & CEO, stated, "We continue to
see expanding demand for our wholesale tube products and have put ourselves in
a position to provide our customers with an even greater level of support.
Wholesale pricing in the U.S. continues to be well above last year, and with
our new distribution capability and increased volumes resulting from Project
21, we will continue to take full advantage of this opportunity." Horowitz
continued, "Based upon what we are seeing in the market place, we are
comfortable in reaffirming the general business direction we gave in our first
quarter earnings conference call. In our conference call, we said that we
expected the second quarter of this year to show a sharp improvement over the
second quarter of last year, as well as an improvement versus the first quarter
of this year."
About Wolverine Tube, Inc.
Wolverine Tube, Inc. is a world-class quality partner, providing its customers
with copper and copper alloy tube, fabricated products, metal joining products
as well as copper and copper alloy rod, bar and other products. Internet
addresses: http://www.wlv.com/ and http://www.silvaloy.com/ .
Forward-looking statements in this press release are made pursuant to the "Safe
Harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements use such words as "will," "expect" and similar
terminologies. This press release contains forward-looking statements
regarding factors affecting the Company's expectations of future distribution
capability, freight costs, and, with respect to the statements regarding the
general business direction of the second quarter of this year, future sales,
earnings and cash flows. Such statements are based on current expectations,
estimates and projections about the industry and markets in which the Company
operates, as well as management's beliefs and assumptions and information
currently available. These forward-looking statements are subject to various
risks and uncertainties that could cause actual results to differ materially
from those stated or implied by such forward-looking statements. The Company
undertakes no obligation to publicly release any revision of any forward-
looking statements contained herein to reflect events or circumstances
occurring after the date hereof or to reflect the occurrence of unanticipated
events. A discussion of risks and uncertainties which could cause actual
results to differ from those contained in the forward-looking statements, can
be found in the Company's Annual Report on Form 10-K for the most recently
ended fiscal year and reports filed from time to time with the Securities and
Exchange Commission.
Contact: James E. Deason
Executive Vice President,
Chief Financial Officer
(256) 580-3500
DATASOURCE: Wolverine Tube, Inc.
CONTACT: James E. Deason, Executive Vice President, Chief Financial
Officer of Wolverine Tube, Inc., +1-256-580-3500
Web site: http://www.wlv.com/
http://www.silvaloy.com/