SUPRADUR COMPANIES TO CLOSE TWIN TOOL CO. IN OLATHE, KAN.
SUPRADUR COMPANIES TO CLOSE TWIN TOOL CO. IN OLATHE, KAN. RYE, N.Y., Oct. 12 /PRNewswire/ -- Supradur Companies, Inc. (NASDAQ: SUPD) announced today that it is closing its Twin City Tool Company, Inc. facility in Olathe, Kan. This precision machining subsidiary for the defense industry does not have sufficient bookings to operate profitably for the immediate future. Precision Fabricators, Inc., the company's other subsidiary engaged in this industry, is unaffected by this decision. Mr. K. Fred Netter, president of Supradur, said that "this is part of the Supradur overall plan of focusing on the businesses that are expected to be profitable in the short and longer term." The closing of the Twin City Tool operation is not expected to materially affect Supradur's balance sheet, because it is believed that the value of the real estate and equipment should be sufficient to offset the closing costs and substantially all other liabilities, including any liability that Supradur may have as a result of its guarantee. Supradur continues its efforts to cut overhead and streamline its business operations, having reduced its work force considerably over the past few months. The operating results of the roofing and siding business, which was converted completely to non-asbestos production earlier in the year, have substantially improved since the beginning of the year. Mr. Netter said that Supradur's long-term strategy is to rebuild the company around its non-asbestos roofing and siding products, where Supradur has been a leader for over 40 years, and the precision sheet metal and machining business through the historically successful operations of Precision Fabricators, Inc. Supradur Companies, Inc. is a diversified company with operating subsidiaries in the United States, Canada and Europe. The company's shares are traded in Over-the-Counter market under the NASDAQ symbol SUPD. -0- 10/12/92 /CONTACT: David M. Petulla, vice president and treasurer of Supradur Companies, Inc., 914-967-8230/ (SUPD) CO: Supradur Companies, Inc. ST: New York, Kansas IN: SU:
PS-TS -- NY039 -- 8835 10/12/92 11:53 EDT
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|Date:||Oct 12, 1992|
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