United Industrial Corporation Provides Update On Initiatives to Enhance Shareholder Value
2003年11月11日 - 3:16AM
PRニュース・ワイアー (英語)
United Industrial Corporation Provides Update On Initiatives to
Enhance Shareholder Value HUNT VALLEY, Md., Nov. 10
/PRNewswire-FirstCall/ -- United Industrial Corporation announced
today that it has relocated its corporate headquarters to Hunt
Valley, Maryland, closed its New York office and hired Imperial
Capital, LLC to act as its financial advisor in the potential sale
of its Detroit Stoker Company energy segment. In accordance with
its previously identified list of strategic initiatives, the
Company closed its New York office on October 31, 2003. The
investor relations, corporate secretary and certain accounting
functions previously performed in New York have been relocated to
United Industrial's headquarters at Hunt Valley, Maryland. The
Maryland facility is the home of United Industrial's defense
subsidiary, AAI Corporation. It is also United Industrial's largest
facility, with approximately 1,000 employees located at the site.
Frederick M. Strader, President and Chief Executive Officer of
United Industrial, stated, "We expect this action will be the first
step in positioning the Company into a leaner and more competitive
organization." The Company also announced it has retained Imperial
Capital, LLC to act as its financial advisor in the potential sale
of its Detroit Stoker energy segment. Detroit Stoker, based in
Monroe, Michigan, is a leading supplier of stokers and related
combustion equipment for the production of steam used in heating,
industrial processing and electric power generation around the
world. Imperial Capital, LLC is a Los Angeles, California-based
investment bank specializing in middle market transactions. Mr.
Strader continued, "Imperial Capital is an excellent organization.
They have already started preparing the offering memorandum and
contacting potential acquirers. We are confident they will handle
the potential sale in a timely and efficient manner." The Company
noted that no assurances can be given as to whether Detroit Stoker
Company will be sold or the terms of any such sale. United
Industrial Corporation is a company focused on the design and
production of defense systems. Its products and services include
unmanned aerial vehicles, test and simulation systems, automated
aircraft test and maintenance equipment, and logistical/engineering
services. The Company also manufacturers combustion equipment for
biomass and refuse fuels. Except for the historical information
contained herein, information set forth in this news release may
contain forward-looking statements subject to risks and
uncertainties which could cause the Company's actual results or
performance to differ materially from those expressed or implied in
such statements. The Company makes no commitment to update any
forward-looking statement or to disclose any facts, events, or
circumstances after the date hereof that may affect the accuracy of
any forward-looking statement. For additional information about the
Company and its various risk factors, reference is made to the
Company's most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q as filed with the Securities and Exchange
Commission. For more information, please visit United Industrial's
web site at http://www.unitedindustrial.com/ DATASOURCE: United
Industrial Corporation CONTACT: James H. Perry, Vice President and
Chief Financial Officer of United Industrial Corporation,
+1-410-628-8786 Web site: http://www.unitedindustrial.com/ Company
News On-Call: http://www.prnewswire.com/comp/113559.html
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