PITTSBURGH, PA, Dec 09, 2010 (MARKETWIRE via COMTEX) --
Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc.
(NYSE: KOP), announced that it has signed an Asset Purchase Agreement
to acquire the Rail Joint business product line and related
manufacturing facility of Portec Rail Products, Inc. ("Portec") for
an undisclosed purchase price. The proposed transaction between
Koppers and Portec is subject to certain regulatory approvals
(including approval by the Antitrust Division of the Department of
Justice) and other closing conditions. Although there is no guarantee
that the required approvals will be obtained or that the conditions
will be satisfied, Koppers fully expects the acquisition to close by
December 31, 2010 with the purchase price being funded by cash on
hand.
The Portec Rail Joint business serves the domestic and international
railroad markets with a variety of specialty rail products out of one
location in Huntington, West Virginia. Revenues for the business in
2010 are estimated at approximately $22 million.
Walt Turner, President and CEO of Koppers, said, "The acquisition of
Portec's Rail Joint business will strengthen our presence in the
railroad industry, further enhancing our relationships and scope of
products and services that we provide. We view this transaction as
part of our continuing process and commitment to provide quality
products and services to the railroad industry."
About Koppers
Koppers, with corporate headquarters and a research center in
Pittsburgh, Pennsylvania, is a global integrated producer of carbon
compounds and treated wood products. Including its joint ventures,
Koppers operates facilities in the United States, United Kingdom,
Denmark, the Netherlands, Australia, and China. The stock of Koppers
Holdings Inc. is publicly traded on the New York Stock Exchange under
the symbol "KOP." For more information, visit us on the Web:
www.koppers.com. Questions concerning investor relations should be
directed to Leroy M. Ball at 412 227 2118 or Michael W. Snyder at 412
227 2131.
Safe Harbor Statement
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and may include, but are not limited to,
statements about sales levels, restructuring, profitability and
anticipated expenses and cash outflows. All forward-looking
statements involve risks and uncertainties. All statements contained
herein that are not clearly historical in nature are forward-looking,
and words such as "believe," "anticipate," "expect," "estimate,"
"may," "will," "should," "continue," "plans," "intends," "likely," or
other similar words or phrases are generally intended to identify
forward-looking statements. Any forward-looking statement contained
herein, in other press releases, written statements or documents
filed with the Securities and Exchange Commission, or in Koppers
communications with and discussions with investors and analysts in
the normal course of business through meetings, phone calls and
conference calls, regarding expectations with respect to sales,
earnings, cash flows, operating efficiencies, product introduction or
expansion, the benefits of acquisitions and divestitures or other
matters as well as financings and repurchases of debt or equity
securities, are subject to known and unknown risks, uncertainties and
contingencies. Many of these risks, uncertainties and contingencies
are beyond our control, and may cause actual results, performance or
achievements to differ materially from anticipated results,
performance or achievements. Factors that might affect such
forward-looking statements, include, among other things, general
economic and business conditions, demand for Koppers goods and
services, competitive conditions, interest rate and foreign currency
rate fluctuations, availability of key raw materials and unfavorable
resolution of claims against us, as well as those discussed more
fully elsewhere in this release and in documents filed with the
Securities and Exchange Commission by Koppers, particularly our
latest annual report on Form 10-K and quarterly report on Form 10-Q.
Any forward-looking statements in this release speak only as of the
date of this release, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
that date or to reflect the occurrence of unanticipated events.
For Information:
Leroy M. Ball
Vice President, Chief Financial Officer
412 227 2118
Email Contact
SOURCE: Koppers Holdings Inc.
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