Amsted Withdraws BAC From Sales Process

May 31, 2001
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CHICAGO, IL — Amsted Industries announces that Baltimore Aircoil Company (BAC), its evaporative cooling and heat transfer equipment business, is no longer for sale and will continue to operate as a decentralized business unit.

On February 2, 2001, Amsted announced its intention to divest BAC with completion of the sale anticipated in June. New Amsted chairman, president, and ceo W. Robert Reum reversed the earlier decision to divest BAC as part of a plan to service heavy Amsted debt load.

Aided by an improved cash flow condition, Reum cited the importance of preserving strong income-producing assets such as BAC to the overall health and value of the corporation.

“BAC provides a strong global footprint, which benefits all Amsted business units,” said Reum. “We have terminated our discussion with interested parties and are excited to continue our 16-year relationship with BAC.”

Publication date: 06/04/2001

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