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Exhibit 99.2
[LAMSON & SESSIONS LOGO]
25701 Science Park Drive
Cleveland, Ohio 44122
FOR IMMEDIATE RELEASE
LAMSON & SESSIONS COMPLETES PYRAMID ACQUISITION
CLEVELAND, Ohio - September 25, 2000 - Lamson & Sessions (NYSE: LMS),
announced that its acquisition of Pyramid Industries, Inc., which is
headquartered in Erie, Pennsylvania, was completed on September 22, 2000.
Pyramid, a manufacturer of custom fiber optic conduit systems, will operate as a
subsidiary of Lamson.
"We are very pleased to complete this significant step in expanding our
presence in the telecommunications infrastructure market," said John B. Schulze,
Chairman, President and Chief Executive Officer. "The addition of Pyramid
complements the expansion of our high-density polyethylene (HDPE) extrusion
capacity which we have been pursuing this year."
The transaction is valued at nearly $52 million in cash. "It will have
an immediate favorable impact on Lamson & Sessions net sales growth without
diluting our earnings per share," added Mr. Schulze.
Lamson & Sessions, with sales of approximately $300 million in 1999, is
a leading producer of thermoplastic enclosures, fittings, wiring outlet boxes
and conduit for the electrical, telecommunications, consumer, power and
wastewater markets. The Company employs approximately 980 associates.
This press release contains forward-looking statements that involve
risks and uncertainties within the meaning of the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those expected as
a result of a variety of factors, such as: (i) the volatility of polyvinyl
chloride resin pricing, (ii) the ability of the Company to pass through raw
material cost increases to its customers, (iii) maintaining a stable level of
housing starts, consumer confidence and general construction trends, and (iv) a
reversal in the country's general pattern of economic improvement affecting the
markets for the Company's products. For additional information, please visit our
Web site at: www.lamson-sessions.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
James J. Abel
Executive Vice President and
Chief Financial Officer
Lamson & Sessions
(216) 766-6557
