Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Hercules HPC -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (9)	1/30/2000 8:02:00 AM
From: Big Dog	Read Replies (1) \| Respond to of 21

Home News Tribune 1/29/00 By MARY ANN BOURBEAU STAFF WRITER Hercules Inc. has entered into a nonbinding letter of intent with a potential buyer for the Sayreville plant's nitrocellulose line, according to company officials. Assemblyman John Wisniewski, D-Middlesex, met yesterday with John Cacho, the plant's manager, and John Riley, director of public affairs for Hercules' corporate office in Delaware. Wisniewski said that although Hercules would not release any information about the potential buyer, it is a serious offer. The potential buyer has 90 days to perform an extensive study and make a decision on whether to purchase the operation. "The buyer will come in with their attorneys, accountants and technical people to examine every aspect of the operation they want to buy," he said. "This is a serious buyer because there will be significant resources invested during this period." Wisniewski said this is potentially very good news for the plant's 300 workers, who were anticipating layoffs beginning in February. Those plans for layoffs are now on a back burner until the 90 days are over, he said. "What's significant here is that in the past there were discussions, but it never matured to the level of intent stage," said Wisniewski. "We can only keep our fingers crossed and hope that the examination stage comes out favorably for the potential buyer, and we can take it to the next step." In December, Hercules announced plans to close the nitrocellulose portion of its operation in the borough's Parlin section, with 300 of its 400 workers slated to lose their jobs beginning in February. Nitrocellulose, used in furniture lacquers, printing ink and nail polish, accounts for 75 percent of the plant's output. In recent years, Hercules has faced fierce competition from foreign companies in the nitrocellulose market. The plant was to continue producing a paint thickener called Natrasol and retain 75-100 workers. Natrasol produces a high profit for the company. Hercules has been operating in the borough since 1915 and at its height employed more than 2,000 workers. The number of manufacturing jobs in New Jersey has declined in recent years, and Sayreville has been especially hard hit. Keebler closed its Sunshine Biscuits plant in May, leaving 600 workers without jobs. National Lead, which once had employed 2,000 people, ceased operations in 1983 after almost 50 years in the borough. Source: Home News Tribune Published: January 29, 2000