Oglebay Norton Sells Lawn and Garden Business Unit
November 4, 2003
As part of its ongoing business restructuring, Oglebay Norton Co. recently announced that its wholly-owned subsidiary, Global Stone Corp., has sold its lawn and garden business unit to Oldcastle Retail, Inc. Terms of the asset purchase agreement were not disclosed; however, as part of the agreement, Oglebay will continue to supply Oldcastle Retail with certain raw materials under a multi-year agreement. "This sale is a prime example of how we are making tangible progress on our publicly stated goals to pay down debt and better position the company for the future around our core limestone and limestone fillers operations," said Oglebay Norton President and Chief Executive Officer Michael D. Lundin. "Not only does this sale generate cash, but the supply agreement further enables us to focus on our core competencies of extracting, processing and providing minerals."
For more information, visit http://www.oglebaynorton.com .