AMCOL International (ticker: ACO, exchange: New York Stock Exchange (.N))
News Release -
AMCOL International (NYSE: ACO) Announces Completion of Strategic Review And Stock Repurchase Program
ARLINGTON HEIGHTS, Ill., Feb. 8 /PRNewswire/ --AMCOL International
Corporation (NYSE: ACO) announced today that its Board of Directors has
completed its review of strategic alternatives to enhance shareholder value.
As part of the review, AMCOL retained Lehman Brothers, Inc. to advise the
Board concerning strategic alternatives, including a merger or sale of the
company. Based on the results of this review, the Board of Directors has
determined that the most appropriate strategy currently available is for the
company to remain independent and to focus on operating strategies for its
AMCOL continues to evaluate the spin-off of its Nanocor subsidiary,
various alternatives for funding Nanocor's operations, and the tax
consequences of the spin-off to AMCOL and its stockholders.
Larry Washow, AMCOL's president and chief executive officer, said, "The
Board of Directors' decision to remain independent reflects the desire to
continue building on the strength and success of our core business. With
nearly 75 years of experience, AMCOL and its subsidiaries have created a
strong position within our markets. Advancing technology to grow our
businesses, we see exciting prospects in our environmental offshore, in our
drilling product areas, as well as our other specialty minerals' applications.
During 2001, AMCOL's Board of Directors and management expect to continue to
execute a strategy that will deliver long-term value to our shareholders."
AMCOL also announced that its Board of Directors has authorized a share
repurchase program under which the company intends to buy back $10 million of
stock over the next 24 months. The purchases may be made from time to time in
the open market or through privately negotiated transactions and will be
dependent upon various business and financial considerations.
Washow added, "We are pleased to be able to renew our stock repurchase
program with the new $10 million authorization. We have previously used the
repurchase program to buy AMCOL stock for treasury purposes when financial and
market conditions, as well as price, were attractive."
This release contains certain forward-looking statements regarding AMCOL's
expected performance for future periods and actual results might materially
differ. AMCOL assumes no obligation to update any forward-looking statements.
All such forward-looking statements are subject to uncertainties, which
include, but are not limited to, actual growth in AMCOL's various markets,
utilization of AMCOL's plants, currency exchange rates, currency devaluation,
delays in development, production and marketing of new products, integration
of acquired businesses, and other factors detailed from time to time in
AMCOL's annual report and other reports filed with the Securities and Exchange
AMCOL International Corp. produces and markets specialty mineral products
used for industrial, environmental and consumer-related applications. The
company operates in three industry segments, minerals, environmental and
transportation. AMCOL's common stock is traded on the New York Stock Exchange
under the symbol "ACO." The company's web site is www.amcol.com .
SOURCE AMCOL International Corp.
Web site: http: //www.amcol.com
Company News On-Call: http: //www.prnewswire.com/comp/109852.html or fax, 800-758-5804, ext. 109852
CONTACT: Jennifer Melsheimer, Shareholder Services Coordinator of AMCOL International, 847-394-8730