Baldwin Piano Sells Juarez, Mexico Facility for $7.2 Million; Company Will Recognize $2.6 Million One-Time Gain.MASON, Ohio--(BUSINESS WIRE)--September 8, 1999-- Space Savings from Synchronous Manufacturing Will Allow Baldwin to Cut Manufacturing Overhead and Continue Juarez Operations in Smaller Leased Facility Baldwin Piano & Organ Company (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 :BPAO BPAO Benefits Planning Assistance and Outreach ) today announced the sale of it its Juarez, Mexico manufacturing facility to an undisclosed buyer for $7.2 million. The sale, which closed yesterday, will result in a one-time gain for Baldwin of approximately $2.6 million, or 75 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Commenting on the sale of the Juarez facility, Karen Hendricks, Baldwin's president, chairman and chief executive officer, said: "The implementation of synchronous manufacturing techniques at our Juarez facility has allowed us to maintain production using only a third of the space once required for operations. Selling this plant and replacing it with a far smaller leased facility in Juarez will cut manufacturing overhead, improve the Music division's ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). and enhance shareholder value." Baldwin Piano & Organ Company has marketed keyboard musical products for over 137 years and has been providing consumer financing for the keyboard industry for nearly a century. Baldwin, maker of America's best selling pianos, also manufactures electronic and electromechanical components for Original Equipment Manufacturers. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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