Brush Wellman announces new product initiative and increases dividend.CLEVELAND--(BUSINESS WIRE)--Aug. 6, 1996--The Board of Directors of Brush Wellman Inc. (NYSE-BW) today approved a plan for the Company to produce Brush Engineered Bronze, a family of specialty alloys in rod, bar and tube form. This new endeavor will involve the investment of over $10 million for a new plant, equipment and working capital. The new plant will be a 50,000 square foot facility and will be located in Lorain, Ohio Lorain is a city in Lorain County, Ohio, United States. The municipality is located in northeastern Ohio on Lake Erie, at the mouth of the Black River, west of Cleveland. As of the 2000 Census, the city had a total population of 68,652 making it Ohio's 10th largest city. . The Company intends to commence construction on the new facility during the third quarter 1996, with a target completion date in the first half 1997. Commenting on the action, Gordon D. Harnett, Chairman, President and Chief Executive Officer of Brush Wellman said, "The addition of Brush Bronze to our product line further strengthens our position in the specialty alloys business. It represents another step toward our goal to be the world's leading producer of high quality, specialty non-ferrous alloys. "We appreciate the efforts of Mayor Koziura, the Lorain City Council, the Lorain Chamber of Commerce, and the State of Ohio during the site selection process. The incentive package which they offered was a major factor in our decision to locate the new plant in Lorain." The Board of Directors also approved a 10% increase in the Company's quarterly dividend, to 11 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. , from the previous 10 cents per share. The 11 cents per share dividend is payable on September 27, 1996 to shareholders of record September 13, 1996. Brush Wellman Inc., with headquarters in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , is a manufacturer of engineered materials. The Company and its subsidiaries supply worldwide markets with Beryllium beryllium (bərĭl`ēəm) [from beryl ], metallic chemical element; symbol Be; at. no. 4; at. wt. 9.01218; m.p. about 1,278°C;; b.p. 2,970°C; (estimated); sp. gr. 1.85 at 20°C;; valence +2. Products, Alloy alloy (ăl`oi, əloi`) [O. Fr.,=combine], substance with metallic properties that consists of a metal fused with one or more metals or nonmetals. Products, Ceramic Products, Precious Metal Products, and Specialty Metal Systems. For further information, please contact: Timothy J. Reid, Vice President Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Brush Wellman Inc. 17876 St. Clair Avenue St. Clair Avenue is a major street in Toronto, Ontario, Canada. It was laid out in the late eighteenth century by the British as a concession road (the Third Concession), 2 km (1.25 mi) north of Bloor Street and 4 km (2.5 mi) north of Queen Street (formerly Lot Street). St. Cleveland, Ohio 44110 216/383-6835 CONTACT: Brush Wellman Inc., Cleveland Timothy J. Reid, 216/383-6835 |
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