Hudson Technologies Announces Sale of Aerosol Packaging Line
12 August 1999
Hudson Technologies Announces Sale of Aerosol Packaging Line
PEARL RIVER, N.Y.--Aug. 11, 1999--Divestiture is Part of Company's Focus on its Higher-Margin Services
Business; Congers, New York Manufacturing Facility is Closed
Hudson Technologies, Inc., , a service provider to the comfort cooling and refrigeration industry, today announced the sale of its aerosol packaging line to an unrelated third party. In addition to the sale, the company has closed its Congers, New York production facility, which housed the aerosol packaging line. Exact financial terms of the transaction were not disclosed.
"This divestiture is part of a continued emphasis on the growth of our higher-margin services business which we believe represents the greatest opportunity for long-term growth," said Kevin Zugibe, Chairman and Chief Executive Officer of Hudson Technologies. "The divestiture of this non-core business, together with the closure of the Congers facility will reduce overhead costs. By narrowing our focus, we believe we have taken another important step toward returning to profitability and increasing shareholder value."
The aerosol products produced by Hudson Technologies in its Congers facility were primarily utilized in the automotive industry. The company said that as part of this transaction, the purchaser will continue to provide aerosol packaging services to the Company on an as needed basis, enabling the Company to continue to sell aerosol products to its existing customers.
Founded in 1991, Hudson has proprietary technology that greatly reduces the downtime associated with maintaining, operating and repairing large chiller and reciprocating systems for comfort and process cooling.
Safe Harbor statement under the Private Securities Litigation Act of 1995: Statements contained herein, which are not historical facts, constitute forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the markets for refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements which become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, and other risks detailed in the Company's other periodic reports filed with the Securities and Exchange Commission. The words "believe," "expect," "anticipate," "may," "plan" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.