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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: ChrisJP who wrote (114582)	6/3/2003 9:09:40 AM
From: Esoteric1	Read Replies (1) of 150070

OM Group To Sell Precious Metals Business To Umicore Deal To Generate Net Proceeds Of Approximately $700 M Tuesday June 3, 4:06 am ET CLEVELAND (Dow Jones)--OM Group Inc. agreed to sell its Precious Metals business and PVC Heat Stabilizer product line, continuing its efforts to reduce debt. In December, the company detailed a restructuring plan that included selling up to $100 million in noncore assets in order to improve its cash flow and to strengthen its balance sheet. ADVERTISEMENT In a press release Tuesday, OM Group said it signed a definitive agreement to sell its Precious Metals business to Umicore S.A. for about $752 million in cash. Net proceeds were estimated at about $700 million, which will be used to reduce debt. OM Group said the sale includes its automotive catalysts; fuel cells; precious metals chemistry; technical materials; jewelry and electroplating; and metals management businesses. The operations generated 2002 sales of $4.4 billion and an operating profit of $78 million, the maker of metal-based specialty chemicals said. The company's total 2002 sales were $4.91 billion. OM Group expects to close the sale during the third quarter, subject to customary U.S. and European regulatory approvals. Email this story - Set a News Alert

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