Reinhold Industries, Inc. Completes Review of Strategic Alternatives; Announces Quarterly Dividend; Appoints Three New Directors
12 August 2004 - 9:00PM
PR Newswire (US)
Reinhold Industries, Inc. Completes Review of Strategic
Alternatives; Announces Quarterly Dividend; Appoints Three New
Directors SANTA FE SPRINGS, Calif., Aug. 12 /PRNewswire-FirstCall/
-- Reinhold Industries, Inc. (NASDAQ:RNHDA) of Santa Fe Springs,
California, announced today that it has completed the review of
strategic alternatives for maximizing shareholder value announced
in September 2003. The Company has been working with its financial
advisor, William Blair & Company, LLC, to identify and explore
strategic alternatives including a merger or other transaction that
would have resulted in a change in control of the Company. As a
result of that process, the board believes that superior value can
be achieved for shareholders through continued pursuit of the
long-term strategy of the Company and has determined not to engage
in a change in control transaction at this time. Michael T. Furry,
President and Chief Executive Officer, said, "Following an
extensive review of various options, including a sale or merger,
our board of directors concluded that it is in the best interests
of the Company to pursue its current business strategy. The board
believes that the Company's long-term strategy will ultimately
generate superior shareholder value. Though the Company may
consider strategic business opportunities in the future, this will
no longer be our immediate focus." The Company also announced today
that it has adopted a policy of issuing a regular quarterly cash
dividend. The amount of the dividend and record date will be
approved each quarter by the board of directors. The company also
announced that it will pay a quarterly dividend of $0.50 per share
to shareholders of record as of September 1, 2004. As the Company
pursues its long-term strategy, the board intends to consider the
Company's current dividend policy, including the possibility of the
issuance of a special dividend to shareholders. Also today, the
Company has announced that three new independent directors have
been appointed to the board of directors. Mr. C. Miles Schmidt, Mr.
Richard C. Morrison and Mr. Matthew C. Hook were all appointed to
the board as of August 12, 2004. Mr. Schmidt is the retired
president of Halcore Group, Inc., the nation's leading ambulance
manufacturer. Mr. Morrison is the retired managing director of
Babson Capital Management, Inc. (a member of the MassMutual
Financial Group). Mr. Hook is a managing director of Centerfield
Capital Partners. "We are delighted that these gentlemen have
accepted the Board's appointment. The financial and business
experience of each new director will be a tremendous resource to
the Board as the Company continues to move forward," said Chairman
Ralph R. Whitney, Jr. Reinhold Industries, Inc. is a manufacturer
of advanced custom composite components, sheet molding compounds,
and graphic arts and industrial rollers for a variety of
applications in the United States and Europe. This news release
contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve risks and uncertainties, and Reinhold's actual
experience may differ materially from that anticipated in such
statements. Factors that might cause such a difference include
those discussed in Reinhold's filings with the Securities and
Exchange Commission, including but not limited to its most recent
proxy statement, Form 10-K and Form 10-Q. DATASOURCE: Reinhold
Industries, Inc. CONTACT: Judy Sanson of Reinhold Industries, Inc.,
+1-562-944-3281
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