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[October 2003]
Oglebay Norton to Sell Lime and Mica Operations
Oglebay Norton Co (Cleveland, OH, USA) has announced its intention to sell its lime and mica operations. "Our lime and mica operations are solid businesses with outstanding people, quality products and strong customer bases," said President and CEO, Michael Lundin. "Our decision to sell them is a strategic part of management's plan to permanently reduce long-term debt and improve our balance sheet. Going forward, we intend to focus our energies on a smaller set of core businesses and believe our limestone and limestone filler operations offer the most significant business development opportunities."
Oglebay Norton's lime operations have contributed approximately US$80 million in sales and US$16 million in EBITDA annually over the last several years as part of the company's Global Stone segment. The mica operations have contributed around US$15 million in sales and US$2.3 million in EBITDA as part of the company's Performance Minerals segment.
ENDS