No Sale, Says York; Mfr Stays Independent

March 1, 2001
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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

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