Harvard Industries, Inc. Explores Possible Transactions And Retains Lehman Brothers, Inc.
LEBANON, N.J., May 12 /PRNewswire/ -- Harvard Industries, Inc. (Nasdaq: HAVA) announced today that it is exploring a number of actions to advance its long-term strategy of diversifying its product mix and customer base. As previously disclosed, the Company is proceeding to expand sales in the industrial and aftermarket product manufacturing segments. The Company has identified various potential strategic acquisition targets that would complement its current industrial and aftermarket business.
Additionally, the Company has retained Lehman Brothers, Inc. to assist the Company in exploring alternatives with respect to the assets of its Kingston- Warren subsidiary, including a possible divestiture of substantially all of those assets. The Company believes that a sale of the Kingston-Warren operations would allow the Company to substantially reduce its debt and promote future growth and expansion of the Company as contemplated by its long-term business strategy.
The Company's Kingston-Warren subsidiary, which is engaged in the production of single and multi-durometer sealing products and systems, had sales in fiscal 1998 of approximately $140 million. The actions taken by the Company at this time are exploratory in nature and the Company has not entered into any agreements or understandings with regard to any particular transaction.
"We are looking at a number of exciting alternatives that will advance the Company's goal of diversifying its customer base in the near term," said Roger Pollazzi, Harvard's chief executive officer. |
