UNITED DOMINION ANNOUNCES INTENT TO PURCHASE CERTAIN ROBERTSON-CECO BUSINESSES
UNITED DOMINION ANNOUNCES INTENT TO PURCHASE CERTAIN
PITTSBURGH, Nov. 22 /PRNewswire/ -- United Dominion Industries (TSE, NYSE: UDI) and Robertson-Ceco Corporation (NYSE: RHH) today announced that they have entered into a letter of intent under which United Dominion will acquire the assets of Robertson-Ceco Doors and Robertson's architectural wall products, industrial cladding and accessories, Resolite fiberglass and Versacor coating businesses. Those businesses employ approximately 2,000 persons in various parts of the United States and have annual revenues of approximately $265 million. The metal buildings, Cupples, Spectrum, international building products, concrete forming and floor products businesses are not part of the transaction and will be retained by Robertson-Ceco.
The letter of intent contemplates an estimated cash purchase price of approximately $135 million.
The transaction described above has been approved by the boards of directors of both companies and is expected to close in January 1992, subject to completion of a definitive agreement and to regulatory and other customary conditions.
William R. Holland, chairman and chief executive officer of United Dominion, said "This acquisition represents a significant step in executing United Dominion's strategy to be a major force in markets for construction products and services in North America."
Proceeds from the sale of assets will be used to strengthen our balance sheet and support our operations," said Jack O'Malley, president and chief executive officer of Robertson-Ceco.
/NOTE TO EDITORS: Plants included in the transaction are located in Sheridan, Ark., Ambridge, Pa., Milan, Tenn., Little Rock, Ark., Knoxville, Ark., Marysville, Calif., Dickson, Tenn., and Zielienople, Pa./
/CONTACT: Robert L. Shaffer of United Dominion Industries, 704-347-6875, or John J. O'Malley of Robertson-Ceco Corporation, 412-281-3200/
(UDI) (RHH) CO: United Dominion Industries; Robertson-Ceco Corporation ST: Pennsylvania, North Carolina IN: CST SU: TNM PS -- NY007 -- 6244 11/22/91 09:00 EST