Exhibit 99(b)
FOR IMMEDIATE RELEASE - October 12, 2000
CONTACT: Linda A. Pleiman
Director - Investor Relations & Corporate
Communications
[email protected]
NS GROUP COMPLETES SALE OF IMPERIAL ADHESIVES
(Newport, Kentucky - October 12, 2000) Newport, Kentucky
based NS Group announced today that it has completed the
sale of its wholly-owned subsidiary, Imperial Adhesives,
Inc. to Sovereign Specialty Chemicals, Inc. The transaction
price was for cash of $26.75 million.
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 is a good deal for NS Group shareholders and
we're very happy to place Imperial in a sound growth
environment with Sovereign. We intend to begin the process
of paying down approximately $25 million of our outstanding
$74.7 million 13 1/2% senior secured notes, which will result
in over $3.3 million in annual interest expense savings."
Imperial Adhesives was purchased by NS Group in 1985 and
represented approximately 10 percent of its net sales.
NS Group 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.
Sovereign Specialty Chemicals, Inc. is a leading developer,
marketer and distributor of high-performance specialty
adhesives, sealants and coatings 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.
