Ceramic Industry News

Oglebay Norton Seeks To Re-Incorporate In Ohio To Save Taxes

January 15, 2001
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Oglebay Norton Co. intends to seek shareholder approval to change its state of incorporation from Delaware to Ohio at its next annual shareholder's meeting. If approved, the company will declassify its board of directors, eliminate its poison pill, opt out of certain Ohio anti-takeover provisions and increase the number of shares authorized. In addition, the company announced its intention to re- align its reporting segments in 2001 to better reflect its business portfolio following recent acquisitions and divestitures. Beginning with the first quarter of 2001, the company will report financial results under three operating segments: Great Lakes Minerals, combining Michigan Limestone Operations and Marine Services; Global Stone, operating primarily in the Southeast and Mid-Atlantic regions of the U.S.; and Performance Minerals, combining Oglebay Norton Industrial Sands and Specialty Minerals.

John Lauer, Oglebay Norton chairman, president and chief executive officer said, "This new segment reporting structure enables us to leverage our geographic and product mix while better reflecting the way we manage the business. In 2001, our Great Lakes limestone and marine services operations are intended to become much more integrated, while our Industrial Sands and Specialty Minerals businesses are positioned to benefit from similar operating and marketing strategies. The new structure more closely aligns the businesses with our previously stated strategic plan for profitable growth."

Oglebay Norton will release fourth quarter results on Monday, February 5, 2001, and will webcast its quarterly conference call over the Internet the following morning, February 6, at 11:00 a.m. EST. Interested parties may listen to the call live by logging on to the company's website at http://www.oglebaynorton.com.

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