American Buildings Company announces strategic initiatives.EUFAULA, Ala.--(BUSINESS WIRE)--Dec. 4, 1996--American Buildings Co. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABCO ABCO Angelo Brothers Company ) announces several initiatives in pursuit of its strategy to diversify its business interests within construction related markets. -- Acquisition of American Modular Technologies -- Entry into residential construction market -- Grand opening of China JV plant ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. has purchased American Modular Technologies (AMT See vPro. ) located in Liberty, NC (near Greensboro) from S.N. Phelps and Co. of Greenwich, Conn. The transaction closed Nov. 27, 1996. AMT was formed by the merger of two old line companies involved in modular construction, Beaman Corp. and Besteel. AMT formerly operated plants in other regions but only the North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. facility was included in the transaction. AMT produces modular structures for the petroleum industry (service stations/convenience stores), correctional facilities, educational units and modular warehouses. "Nearly complete" turnkey structures are assembled in AMT's factory, transported to the site for quick installation and timely occupancy. Management believes that 1997 revenue for the acquired AMT business will be approximately $15 million on a single shift basis considering it will take approximately six months to rebuild the business' customer base and regain operating momentum. The foregoing statement is a forward looking statement that involves risks and uncertainties, including economic conditions, petrochemical company construction spending Construction Spending An economic indicator that measures the amount of spending towards new construction. Released monthly by the U.S. Department of Commerce's Census Bureau, it looks at residential and non-residential construction in the private sector, and state and federal at plans, the impact of competitive products and pricing, the ability to rebuild AMT's customer base and the other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. Actual results may vary materially. ABC also indicated its intention to enter the residential steel framing industry. Richard D. Haws joined the company on Dec. 1, 1996 as president, residential construction division. Haws was previously manager-light construction of the American Iron and Steel Institute The American Iron and Steel Institute (AISI) is an association of North American steel producers. With its predecessor organizations, is one of the oldest trade associations in the United States, dating back to 1855. It assumed its present form in 1908, with Judge Elbert H. (AISI AISI American Iron and Steel Institute AISI African Information Society Initiative AISI Alberta Initiative for School Improvement (Canada) AISI As I See It AISI American International Supply, Inc (Oakland, CA) ). In his capacity with AISI, he has led the steel industry's pursuit of residential steel framing from both a technical and marketing perspective. The company has been evaluating alternatives for entering this market for over a year and wanted the division president to be on board before plans were finalized. ABC's JV plant in Shanghai, built to serve the China and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. markets, officially opened in October 1996. The joint venture offices are in Shanghai with the plant located approximately twenty miles outside the city in the town of Malu. The JV plant has product capability comparable to ABC's U.S. plants. The JV is largely independent with sales, engineering, operations, financial and administrative staffs. The focus is to serve foreign joint ventures being established in the region and to develop business within the local Chinese community. ABC is a thirty percent partner with the Morningside unit of China Renaissance Industries of Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . American Buildings Co. is a diversified manufacturer and marketer of construction products and services for nonresidential and residential applications. The company provides metal building systems for industrial, commercial and institutional nonresidential markets and is a major manufacturer and marketer of metal roofing systems. The company also provides specialty engineering services for large complex building structures, markets building components and paints steel coils. In addition, the company markets and produces modular structures and residential steel framing systems. The company markets throughout North America and in selected international markets. CONTACT: American Buildings Co., Eufaula Charles Blackmon, 334/687-2032 |
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