| TAMPA, FL -- (PRNewswire) -- Celotex Corporation, manufacturer of rigid foam insulation
and fiberboard products for commercial and residential markets, has completed the
sale of its fiberboard products business operations to Knight Industries, LLC, a private investment group
located in Chicago, Illinois, effective June 1, 2001. Terms of the transaction were not disclosed.
The transaction included the sale of two manufacturing facilities located in Marrero, Louisiana and Sunbury, Pennsylvania. In addition, Celotex
will continue to sell fiberboard products on behalf of Knight Industries for a period of time under a sales agency agreement. Celotex' fiberboard
products business operations accounted for approximately twenty-five percent (25%) of the company's fiscal 2001 year-to-date revenue.
“The sale of this business operation allows the employees at the fiberboard products manufacturing plants to continue to produce and sell the
same high quality fiberboard products they have become known for in the industry, now as part of Knight Industries, said John P. Borreca,
Celotex President and Chief Executive Officer.
The sale of Celotex' fiberboard products business operations is part of a process that began in November 1999, when Borreca announced the
Asbestos Settlement Trust, Celotex' sole shareholder, was seeking a buyer for the company. In June 2000, Celotex announced the sale of its
gypsum wallboard and ceiling products business operations to BPB plc of the United Kingdom and the sale of its roofing products business
operations to CertainTeed Corporation of Valley Forge, Pennsylvania.
Celotex Corporation is a manufacturer of rigid foam insulation for commercial and residential markets. In fiscal year 2001, which ends August
31, 2001, gross sales are projected to be approximately $150 million. The company employs approximately 300 personnel and operates 5
manufacturing facilities located within the United States.
For more information about Celotex or its products, visit http://www.celotex.com or call 1-800-CELOTEX.
This eUpdate posting by: Steve Joyce