EXHIBIT 99
NEWS RELEASE
UNITED INDUSTRIAL CORPORATION
570 LEXINGTON AVENUE, NEW YORK, NY 10022
CONTACT: SUSAN FEIN ZAWEL
VICE PRESIDENT CORPORATE COMMUNICATIONS
(212) 752-8787
FOR IMMEDIATE RELEASE
UNITED INDUSTRIAL COMPLETES SALE OF SYMTRON SYSTEMS
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October 3, 2000 -- United Industrial Corporation (NYSE: UIC) announced
today that it has completed the previously announced sale of its Symtron
Systems, Inc. subsidiary to IFTE plc (LSE: IFTE) for $15.3 million in cash
(which includes the repayment of intercompany indebtedness). The divestiture of
Symtron Systems, a leading developer of computer-controlled, firefighter
training systems, is the latest step in United Industrial's strategy to drive
growth by focusing on its core aerospace and defense businesses.
"The sale of Symtron is part of United Industrial's continuing strategy to
concentrate on its core markets and customers in order to build value for its
shareholders," said Richard Erkeneff, President and Chief Executive Officer. "We
will be able to focus more management and financial resources on growing our
defense businesses, including unmanned aerial vehicles, training and simulation
systems, and logistical/engineering services, while Symtron and their respective
customers will benefit by becoming part of IFTE, an organization completely
dedicated to the firefighter training market."
IFTE designs, installs and sells specialist simulation equipment, which is used
for training firefighters and other emergency personnel. The company has
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designed and installed Boeing 747 hot-fire training simulators at Singapore,
Hong Kong and London Heathrow Airports.
United Industrial Corporation is a company focused on the design and production
of defense, training, transportation, and energy systems. Its products include
unmanned aerial vehicles, training and simulation systems, automated aircraft
test and maintenance equipment, and ground transportation components. The
Company also offers logistical/engineering services for government-owned
equipment and manufactures combustion equipment for biomass and refuse fuels.
Except for the historical information contained herein, information set forth in
this news release may contain forward looking statements subject to risks and
uncertainties which could cause United Industrial's actual results or
performance to differ materially from those expressed or implied in such
statements. For additional information about United Industrial and its various
risk factors, reference is made to United Industrial's most recent Annual Report
on Form 10-K as filed with the Securities and Exchange Commission.
For more information, please visit United Industrial's web site at
www.unitedindustrial.com.
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