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Exhibit 99.A
EXHIBIT A
[OGDEN LOGO]
CONTACT: Eric Berman
Adam Wiener
David Lilly
at Kekst and Company
212-521-4800
or:
Raymond E. Dombrowski
Ogden Corporation
212-868-6000
OGDEN CORPORATION ANNOUNCES AGREEMENT TO SELL
OGDEN AVIATION GROUND SERVICES BUSINESS FOR $117.8 MILLION
-- Ogden Continues Transformation to Pure Play Energy Company --
NEW YORK, JULY 25, 2000 - Ogden Corporation (NYSE: OG) today announced
that it has signed a definitive agreement with John Menzies plc to sell
its Ogden Aviation Ground Services business for approximately $117.8
million. In addition, the transaction includes Menzies' assumption of debt
net of cash-on-hand. Ogden expects the cash-on-hand in the business to be
equal to or greater than the debt assumed by Menzies. The ground services
unit of Ogden Aviation consists of ramp, passenger and cargo handling
operations at 61 airports worldwide. The sale is part of Ogden's
previously announced strategy to sell its Entertainment and Aviation
businesses in order to create a solid operating platform for its Energy
business.
"To date, with the disposition of the majority of our Entertainment
businesses and certain other sales behind us, we have already generated
approximately $330 million in cash and $115 million in the assumption of
debt from our divestiture program. Today's announced sale of our ground
services operations adds to that total, continues the momentum of the
sales process and takes a substantial step forward in the disposition of
our major Aviation businesses," said Scott G. Mackin, President and Chief
Executive Officer of Ogden Corporation. "We are actively engaged in the
process of selling our aviation fueling, fixed base operations (FBO), and
remaining privatization assets. In addition, we are continuing to pursue
sales processes for the remaining assets of our Entertainment division and
for our Ogden Environmental and Energy Services consulting division. We
will make further announcements as definitive agreements are reached."
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consulting division. We will make further announcements as definitive
agreements are reached."
The transaction is expected to close by the end of the third quarter of
this year, and is subject to customary regulatory approval, approval by a
meeting of the shareholders of John Menzies plc, bank consents and related
issues. Shareholders representing the required majority of John Menzies'
shares have already executed undertakings to vote in favor of the
transaction.
* * *
On September 17, 1999, Ogden announced its intent to sell its
Entertainment and Aviation businesses to focus exclusively on its role as
a leading energy company. Ogden Energy group is a global developer/owner
and operator of independent power projects and a provider of related
infrastructure services. Additional information about the Company can be
obtained via the Internet, at www.ogdencorp.com, or through Ogden's
automated information system at (888) 643-3612.
John Menzies plc is one of the United Kingdom's leading logistics support
groups. Listed on the London Stock Exchange, it has annual revenues of
some $2 billion and employs over 8,000 staff.
Menzies Aviation Group has grown rapidly in the last few years to become a
leading independent supplier of aviation services in the UK, and also has
operations in Australia. The business currently employs over 1,500 staff
and has an annual revenue of US $150 million.
Any statements in this communication, which may be considered to be
"forward looking statements", as that term is defined in the Private
Securities Litigation Reform Act of 1995, are subject to certain risk and
uncertainties. The factors that could cause actual results to differ
materially from those suggested by any such statements include, but are
not limited to, those discussed or identified from time to time in the
Company's public filings with the Securities and Exchange Commission and
more generally, general economic conditions, including changes in interest
rates and the performance of the financial markets; changes in domestic
and foreign laws, regulations, and taxes; changes in competition and
pricing environments; and regional or general changes in asset valuations.
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