Zemex Completes Sale of its Metal Powders Division.Business Editors TORONTO--(BUSINESS WIRE)--April 11, 2000 Zemex Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ZMX.)(NYSE NYSE See: New York Stock Exchange :ZMX) and Hoganas AB announced that the sale of Zemex's wholly-owned subsidiaries, Pyron Corporation and Pyron Metal Powders, Inc., to Hoganas has been completed. The sale proceeds, approximately US$41 million, will be used to pay down Zemex's US$50 million bridge facility. Pyron Corporation produces both atomized iron powder, used principally for component manufacture, and a unique sponge iron Sponge iron is the product created when iron ore is reduced to metallic iron, usually with some kind of carbon (charcoal, etc), at temperatures below the melting point of iron. powder, utilized mainly in specialty applications, including the production of friction materials. Pyron Corporation operates its main facility in Niagara Falls Niagara Falls, waterfall, United States and Canada Niagara Falls, in the Niagara River, W N.Y. and S Ont., Canada; one of the most famous spectacles in North America. The falls are on the international line between the cities of Niagara Falls, N.Y. , NY and a blending plant in St. Marys, PA. Pyron Metal Powders, Inc. supplies primarily copper and bronze powders from its two plants located in Tennessee. Headquartered in Hoganas, Sweden, Hoganas is the world's oldest and largest supplier of metal powders and is considered the technological leader in the industry. Hoganas is a public company and its stock trades on the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. . Zemex is a diversified producer of industrial minerals and specialty materials and, through its aluminum recycling division, reprocesses aluminum drosses with patented zero discharge technology. Zemex currently operates facilities and mines across 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. and Canada. Its products are used in a variety of commercial applications and are sold throughout North America and worldwide. This press release may contain "Forward-Looking Statements" within the meaning of 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. These forward statements include statements regarding the intent, belief or current expectation of the Corporation and members of its senior management team, including, without limitation, expectations regarding prospective performance and opportunities. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by the Corporation. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion