Insilco Holding Co. to Sell Specialty Publishing Unit
20 December 1999
Insilco Holding Co. to Sell Specialty Publishing Unit
COLUMBUS, Ohio, Dec. 20 -- Insilco Holding Co.
(OTC Bulletin Board: INSL) announced today that it signed a definitive
agreement for the sale of Taylor Publishing, its specialty publishing business
unit, to a newly formed company owned by Castle Harlan Partners III, L.P. for
proceeds of $93.48 million subject to adjustments for working capital and
other transaction-related costs.
The sale, which is expected to be completed the first quarter of 2000, is
subject to certain customary conditions including expiration of the applicable
waiting period under the Hart-Scott-Rodino Antitrust Act.
David A. Kauer, Insilco President and CEO, said, "While Taylor is a fine
business unit with solid prospects, the company does not fit with our long-
term strategy to pursue growth in our heat exchanger and technologies
businesses. As we have previously disclosed, we continue to look for
opportunities to reduce our debt and refine our focus on our core business
groups. Taylor Publishing has been a part of the Insilco family since the
late 1960s and we appreciate the many years of hard-work and dedication
provided by the associates at Taylor and wish them the best for the future."
Taylor Publishing, headquartered in Dallas Texas, has been a leader in the
production of school yearbooks and other commemorative books for more than
60 years. For the year ended December 31, 1998, Taylor had sales of
$101 million and employed more than 1,300 associates.
The statements made in this press release that are not historical facts
are forward looking statements, including statements with respect to the
company's ability to close the sale transaction by first quarter 2000 and the
Company's ability reduce its debt load and invest in its core businesses, and
as such, are subject to certain risks and uncertainties. It is important to
note that results could differ materially from those projected in such
forward-looking statements. Factors which could cause results to differ
materially include, but are not limited to: the inability to obtain regulatory
approval for the sale, changes in terms as a result of the buyer's completion
of due diligence, changes in demand for the Company's products, changes in
market trends, general competitive pressures from existing and new
competitors, adverse changes in operating performance, and adverse economic
conditions. Further information concerning factors that could cause actual
results to differ materially from those in the forward-looking statements are
contained from time to time in the Company's SEC filings, including but not
limited to the Company's report on Form 10-K for the year ended December 31,
1998 and reports on 10-Q for the quarters ended March 31, June 30 and
September 30, 1999. Copies of these filings may be obtained by contacting the
Company or the SEC.
Insilco Holding Co., based in suburban Columbus, Ohio, is a diversified
manufacturer of industrial components and a supplier of specialty
publications. The Company's industrial business units serve the automotive,
electronics, telecommunications and other industrial markets, and its
publishing business serves the school yearbook market. It had revenues in
1998 of $535.6 million.