Exhibit 99(a)
FOR IMMEDIATE RELEASE - September 13, 2000
CONTACT: Linda A. Pleiman
Director - Investor Relations & Corporate
Communications
[email protected]
NS GROUP, INC. ANNOUNCES SALE OF IMPERIAL ADHESIVES
Newport, Kentucky - NS Group, Inc. announced today that it has
entered into an Agreement to sell for cash, its wholly-owned
subsidiary, Imperial Adhesives, Inc., to Sovereign Specialty
Chemicals, Inc. for approximately $27 million. The transaction
is subject to customary closing conditions, including antitrust
approval under HSR.
Mr. Rene J. Robichaud, President and CEO of NS Group, Inc.
stated, "This is a real win-win situation for NS Group and
Imperial. It allows us to redeploy a significant amount of
capital while placing Imperial in a growth environment with
Sovereign."
Imperial Adhesives was purchased by NS Group in 1985 and
represents approximately 10% of its net sales.
NS Group, Inc. is a leading producer of tubular products serving
the energy industry and certain industrial markets. The Company
manufactures seamless and welded tubular steel products which are
used in the drilling and transmission of oil and natural gas. NS
Group's industrial products include special bar quality (SBQ)
products used in critical weight bearing applications. Log on to
www.nsgrouponline.com to learn more about NS Group, Inc.
Sovereign Specialty Chemicals, Inc. is a leading developer,
marketer and distributor of high-performance specialty adhesives,
sealants and coatings that are utilized in a variety of
industrial and commercial applications. Headquartered in
Chicago, Sovereign was founded by Robert Covalt and a group of
private investors in 1996. Sovereign has grown organically and
through acquisitions, becoming one of the premier companies in
its field.
