Oglebay Norton Announces Formation of Holding Company03/08:
Oglebay Norton Company Friday announced the completion of its earlier announced corporate restructuring to become a holding company.
According to John N. Lauer, chairman, president and chief executive officer of the company, the change in structure was accomplished through the merger of certain of the company's wholly owned
subsidiaries and requires no action on the part of stockholders, bondholders, customers, vendors or others. Share certificates will not be exchanged and the company's name, Oglebay Norton
Company; ticker symbol, OGLE; and state of incorporation, Delaware, will not change.
Mr. Lauer also noted, ``This reorganization completes our efforts to create a holding company
structure in which all of our operations are wholly owned subsidiaries of the holding company. We believe that this structure will create greater flexibility in reaching our goal of being a highly profitable, growth company specializing in mining, processing and delivering industrial
The three operating units will continue to operate independently under the
direction of their current leadership. The marine transportation unit, which previously was not a subsidiary, now will be known as and operate under the name Oglebay Norton Marine Services Company.
Oglebay Norton Company, a Cleveland, Ohio-based company, is a leading
supplier of essential natural resources for industrial and commercial customers. Through its
three operating segments, Lime and Limestone, Industrial Sands, and Marine Transportation, it serves the environmental technologies, construction, oil and gas, ceramic, chemical, glass, electric utility and steel industries. The company's website is located at www.oglebaynorton.com.
Certain statements contained in this release are ``forward-looking'' in
that they reflect management's expectations and beliefs regarding the future performance of the Company and its operating segments. Forward-looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. Weather, oil prices, steel
production, Great Lakes and Mid-Atlantic construction activity, the California economy and population growth rates in the Southwestern United States, all can impact revenues and earnings. Please refer to the Company's current and subsequent SEC filings under the Securities and Exchange Act of 1934, as amended, for further information.
Reported by: James H. Neumiller