FYI
TORONTO, ONTARIO--Derlan Industries Limited announced today the
divestment of the Radiant Power product line of Santa Ana,
California to Heico Corporation of Hollywood, Florida for
approximately $10 million. The Radiant Power product line had
sales of approximately $6.5 million in 1998.
This divestment is a further step in Derlan's program announced in
November, 1998 to complete the divestment of certain operations.
As part of this program, Derlan announced on December 22, 1998
that it had sold Roberts PolyPro Inc. of Charlotte, North
Carolina, and Brenton Engineering Company of Alexandra, Minnesota,
for approximately $40 million. On January 4, 1999, Derlan
announced the sale of GFG Corporation of Milwaukee, Wisconsin for
approximately $25 million.
Negotiations for further divestments are proceeding. In addition,
BT Wolfensohn and BT Alex Brown are progressing with their
appointment to explore all options to increase shareholder value.
Derlan is an industrial corporation, manufacturing products for
the aerospace and pump industries. The company has operations in
Canada, the United States, Mexico and Germany. Its shares are
listed on the Toronto Stock Exchange under the symbol DRL. |
