EXHIBIT 99.1
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 TO SELL SYMTRON SYSTEMS TO IFTE PLC
NEW YORK, August 1, 2000 -- United Industrial Corporation (NYSE: UIC) announced
today that it has signed a definitive agreement to sell its Symtron Systems,
Inc. subsidiary to IFTE plc (LSE:IFTE) for $13.4 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.
IFTE, a London-based developer of fire training equipment, will gain an
immediate presence in the U.S. domestic market for firefighter training
equipment. Symtron, which generated revenues of $16.7 million in 1999, serves
both public and private industry, with customers including local governments,
the U.S. Armed Forces and private businesses.
"This transaction furthers United Industrial's strategy to concentrate on its
core markets and customers in order to build value for 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,
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including our recently awarded Tactical Unmanned Aerial Vehicle (TUAV) program
for the U.S. Army, while Symtron will become part of an organization completely
dedicated to the firefighter training market."
The transaction has been approved by the Boards of Directors of both companies
and is expected to close within the next 30 days, following IFTE's completion of
a secondary stock offering to provide the financing for the acquisition.
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 ordnance systems. It also manufactures
ground transportation components and combustion equipment for biomass and refuse
fuels.
IFTE designs, installs and sells specialist simulation equipment, which is used
for training firefighters and other emergency personnel. The company has
designed and installed Boeing 747 hot-fire training simulators at Singapore,
Hong Kong and London Heathrow Airports.
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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