York completes sale-leaseback to generate cash

May 2, 2000
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YORK, PA — York International Corp. has announced the completion of a sale-leaseback transaction which generated $82 million in cash. The proceeds were used to repurchase stock and reduce debt.

Machinery and equipment at two of the company’s facilities, in Norman, OK and York, PA, are involved in the sale-leaseback. This transaction allows the firm to receive in cash the value of these productive assets, while retaining their use.

John R. Tucker, president and ceo of York, stated, “We are pleased to deliver an additional $82 million in cash as a result of this transaction. We are focused on cash generation to fund share repurchases, repay debt, and reinvest in our business.”

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