No Sale, Says York; Mfr Stays Independent

March 1, 2001
/ Print / Reprints /
/ Text Size+
YORK, PA — York International Corp. announced that after “reviewing various alternatives to enhance shareholder value,” such as selling the company, it will remain independent.

Last October, the hvac manufacturer engaged UBS Warburg to assist its board of directors in exploring alternatives, including the possible sale of York. “Warburg contacted a comprehensive list of potential financial and strategic buyers,” said Gerald C. McDonough, York board chairman.

“After discussions with our financial and other advisors, the board determined that indications from potential buyers did not adequately reflect the value of the company’s shares or were determined to involve unacceptably high regulatory risks,” said McDonough. “Accordingly, the board unanimously determined to conclude the process and has directed management to continue to aggressively pursue improvements in operating performance.”

Michael R. Young, president and ceo, stated that “We are committed to continuing the initiatives we began in 2000. We have announced the closing of four plants and will announce the sale or closure of additional operations in the next few months.

“We are streamlining operations and continuing the introduction of innovative new products, which will permit us to improve our earnings from operations. We have made significant progress in implementing the changes that will allow us to improve our performance in the future.”

Publication date: 03/01/2001

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Paula Liegl

You must login or register in order to post a comment.



Image Galleries

2014 World Energy Engineering Congress

Scenes from the 2014 World Energy Engineering Congress in Washington, D.C.


NEWSMakers: Jim Johnson

Jim Johnson,an experienced trade school and community college instructor, discusses the HVAC industry and his column in The NEWS, ‘The Service Ticket.’ Listen now for a hint to the Not Enough Heat question from the Dec. 15 issue. Posted Jan. 30.

More Podcasts


NEWS 01-26-15 cover

2015 January 26

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Regional Standards

With regional standards for a/c equipment going into effect in 2015, how do you think it will impact the industry?
View Results Poll Archive


2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con