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Exhibit 99.1
UNIFRAX COMPLETES ACQUISITION OF WORLDWIDE CERAMIC FIBER
BUSINESS OF COMPAGNIE de SAINT-GOBAIN
PR NEWSWIRE -- October 05, 2000 17:15
Acquisition Positions UNIFRAX as a Leading International Player in the High
Temperature Insulation Market
NIAGARA FALLS, N.Y., Oct. 5/PRNewswire/ -- UNIFRAX Corporation (UNIFRAX)
announced today that it has closed its previously announced acquisition of the
worldwide ceramic fiber business of Carborundum Insulation Technologies (CIT),
from Compagnie de Saint-Gobain (Saint-Gobain), a Paris based manufacturer of
glass and industrial products.
As previously announced in a July 31, 2000 press release, the deal reunites
UNIFRAX, the former North American Fibers Division of The Carborundum Company,
with its former international sister ceramic fiber operations which were
acquired by Saint-Gobain as part of its purchase of The Carborundum Company from
British Petroleum (BP) in 1996. The CIT purchase also included the former French
ceramic fiber operations of Saint-Gobain (previously operated as Kerlane) making
UNIFRAX/CIT the largest supplier in the French Market, as well as a majority
position in Orient Cerlane Ltd., a key producer located in India.
William P. Kelly, President and CEO of UNIFRAX, said that the combined company
will be called UNIFRAX Corporation and will maintain its headquarters in
Niagara Falls, New York. Kelly indicated that on a combined basis, the company
had 1999 sales of $165 million. It now has manufacturing operations in the
United States, France, England, Germany, Brazil, Venezuela and India and sales
and distribution resources around the world. The Company said the purchase
price was $58.5 million and was financed through a combination of bank debt and
seller financing.
UNIFRAX, is a recognized industry leader in providing heat management solutions
for high temperature applications. They are a leading worldwide producer of
ceramic fiber products used in a wide variety of industries including ferrous &
nonferrous metals, chemical process, power generation, ceramic/glass,
automotive, appliance, fire protection and aerospace.
UNIFRAX Corporation is owned by Kirtland Capital Partners (KCP), located in
Cleveland, Ohio and UNIFRAX management. KCP is a privately funded investment
group with over $300 million in committed equity capital. KCP and its
predecessor companies have been successfully investing in operating companies
since 1978 and acquired its interest in UNIFRAX from BP and 1996.
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SOURCE: UNIFRAX CORPORATION
/CONTACT: Paul J. Viola, 716-278-3882, fax, 716-278-3903, or
[email protected]; or Virginia M. Palumbo, 716-278-3832, fax, 716-278-3903, or
[email protected], both of UNIFRAX Corporation/
/Web site: http://www.unifrax.com/
