Figgie International sells Safway Steel Products unit.WILLOUGHBY, OHIO--(BUSINESS WIRE)--July 24, 1995--Figgie International Inc. (NASDAQ/NMS: FIGIA and FIGI FIGI Fortress International Group Inc. (Columbia, MD) ) has completed the sale of its $80 million-revenue Safway Steel Products subsidiary to THP United Enterprises, Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. jointly owned by two German-based companies, Thyssen and plettac. Financial terms of the transaction were not disclosed. Safway Steel Products is a Milwaukee-based manufacturer and distributor of scaffolding to the construction and industrial maintenance industries. Safway operates one factory and more than 30 branches throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. that sell, rent, and erect scaffolding. The company has approximately 900 employees. Thyssen is a multi billion-dollar international manufacturing, trading and services group with operations in steel, automotive products, capital equipment and telecommunications. plettac group is a major scaffolding manufacturer and service provider in Europe and the United States. Other divisions of the group consist of drop forging drop forging Process of shaping metal and increasing its strength. In most forging, an upper die is forced against a heated workpiece positioned on a stationary lower die. If the upper die or hammer is dropped, the process is known as drop forging. , automotive products and security systems manufacturing. Proceeds from the sale, which is part of Figgie's divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). program, are being used to pay down bank debt and operating leases. CONTACT: Figgie International Inc., Willoughby Ira Gamm, 216/953-2812 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion