Ceramic Industry News

Protective Products of America Announces Sale of Delaware Assets (posted 2/3/09)

February 3, 2009
/ Print / Reprints /
ShareMore
/ Text Size+

Protective Products of America, Inc. recently announced that it has completed the sale of substantially all of its Delaware assets for cash proceeds of $3.2 million. Following the sale, the company used $3 million to further reduce its bank indebtedness. This sale is in addition to a prior sale of other Delaware assets in late 2008 for cash proceeds of $280,000.

“We are pleased to have completed the sale of substantially all of our Delaware assets so quickly,” said Stephen Giordanella, chief executive officer. “We used the cash proceeds to pay down debt, strengthen our balance sheet and improve liquidity. This is yet another step in the turnaround of the company and demonstrates management’s ability to execute on its strategic vision for the future growth and profitability of the business.”

Protective Products of America also announced the appointment of Charles Peters, executive vice president and chief financial officer of Red Hat, Inc., and Frank Jaumot, a director at MasTec, Inc., to its board of directors, effective January 1, 2009. “It is an honor to have Charles Peters and Frank Jaumot join our board,” said Giordanella. “We will benefit tremendously from their public company experience and insight into financial matters, such as accounting, auditing and tax. Charles and Frank will be an asset to our board as we continue to grow and expand our soft armor business.”

Visit www.protectiveproductsofamerica.com for more information.

Links

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail innovative advanced ceramic and glass materials and technologies.

Podcasts

Sapphire: An Extreme Performer

Ian Doggett of Goodfellow and CI Editor Susan Sutton discuss the benefits and opportunities provided by industrial sapphire.

More Podcasts

THE MAGAZINE

Ceramic Industry Magazine

CI April 2014 cover

2014 April

Our April issue features details on advanced materials such as ceramic matrix composites and piezoelectric ceramics, among many others. Be sure to check it out!

Table Of Contents Subscribe

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40