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CSC INDUSTRIES SHAREHOLDERS ANNOUNCE INTENT TO SELL

 WARREN, Ohio, July 29 /PRNewswire/ -- CSC Industries, Inc. (NASDAQ: CPSL) announced today its major shareholders have notified the Securities and Exchange Commission that they intend to sell their shares in the company. Those shareholders include Daido (DI-DO) Steel Co., Ltd. and Itochu (E-TOE-SHU) and Okaya (OH-KY-UH) & Co., Ltd., both trading companies. According to Copperweld Steel Company President and CEO Donald J. Caiazza, it is anticipated that other large shareholders may also make their shares available. Normal operations will continue while the shareholders seek buyers.
 Copperweld, a manufacturer of special quality alloy and carbon steel bar products, is CSC's primary holding. The company serves the automotive, forging, industrial machinery, energy and steel service center markets.
 Caiazza said that Daido has maintained a long-standing technological relationship with Copperweld, and that relationship will continue. He said the Japanese steelmaker has only been a CSC shareholder since 1989.
 Caiazza said CSC began a turnaround in the second quarter of 1992 which has reduced losses by 65 percent.
 "CSC is meeting its forecast midway into a three-year business plan that is designed to return the company to profitability by 1994," said Caiazza. "While Daido's support has been an integral part of that plan, deteriorating economic conditions in Japan have forced Daido to re- evaluate all of its investment strategies.
 "Daido's original objective was to expand with its customers in the United States through the transfer of technology. Daido's transfer of necessary technology to CSC was an investment designed to make CSC a world class producer of special quality bar products," commented Caiazza. "We have seen progress, but weak pricing and the high costs of health care, workers compensation and energy have required significant cash infusions beyond Daido's current means. We are extremely grateful to Daido for its technological and financial support, and we understand that the company never intended to be a permanent shareholder," he added.
 According to Caiazza, the company had a goal of reaching the cash flow breakeven point by year-end, and it knew it was imperative to become a self-supporting entity in 1993.
 "Our employees are fully aware of the company goals and objectives, as well as our financial condition," he said. "We have a highly skilled and committed work force that will continue to focus on the needs of our customers, and I expect that commitment to carry us through this period of transition."
 -0- 7/29/93
 /CONTACT: Donald J. Caiazza of CSC Industries, Inc., 216-841-6500/
 (CPSL)


CO: CSC Industries, Inc. ST: Ohio IN: MNG SU:

KL -- CL021 -- 7324 07/29/93 15:02 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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