Printer Friendly

RB&W ANNOUNCES CONSUMMATION OF SCREW PLANTS SALE

 MENTOR, Ohio, Aug. 18 /PRNewswire/ -- RB&W Corporation (AMEX: RBW) today announced that it has consummated the previously disclosed sale of its screw and bolt manufacturing plants in Rock Falls and Bedford Park, Ill. The terms of the sale were not disclosed. Ronald K. Leirvik, president and chief executive officer, said, "The sale will facilitate four strategic objectives:
 -- enhance our ability to expand our rapidly growing distribution
 business,
 -- focus operational attention on our nut and extrusion
 manufacturing businesses,
 -- reduce debt, and
 -- strengthen our balance sheet."
 Kent M. Holcomb, the company's chief financial officer, stated that an extended delay in completing the sale resulted in incurring expenses beyond the $10,550,000 restructuring reserve taken last year. Therefore, a charge of approximately $700,000 is expected in the third quarter as a result of that delay. Holcomb also stated that, in addition, some transitional administrative expenses were anticipated during the remainder of the year.
 The buyer, a subsidiary of Reliant Industries, Inc., is a newly formed corporation with principals experienced in the fastener and automotive industries. They will be doing business as Reliant Fastener in Rock Falls and Reliant Bolt in Bedford Park, Ill. Reliant has stated its intent to operate the facilities with minimal changes and to continue serving the plants' current markets.
 RB&W Corporation is a leading industrial company engaged in the manufacture and distribution of cold formed parts. With 148 years of experience, it remains one of the largest companies in the fastener industry.
 -0- 8/18/93
 /CONTACT: Murray J. Howe, vice-chairman, RB&W, 305-421-5036/
 (RBW)


CO: RB&W Corporation; Reliant Industries, Inc. ST: Ohio, Illinois IN: MAC AUT SU: TNM

BM -- CL020 -- 3986 08/18/93 14:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1993
Words:284
Previous Article:BB&T FINANCIAL CORPORATION AGREES TO SELL TWO BRANCHES TO CAROLINA STATE BANK
Next Article:OCC PROPOSES TO AMEND ITS RISK-BASED CAPITAL GUIDELINES
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters