The Alpine Group, Inc. Announces Plan to Increase Shareholder Value
2 January 2001
The Alpine Group, Inc. Announces Plan to Increase Shareholder Value
- Appoints President and Chief Operating Officer for
Superior Telecom Subsidiary -
NEW YORK, Jan. 2 The Alpine Group, Inc.
announced that Stephen C. Knup, has been appointed President and Chief
Operating Officer of Superior TeleCom Inc., its 52% owned
subsidiary.
Mr. Steven S. Elbaum, Chairman and Chief Executive Officer, stated that
"our objective is to increase shareholder value through a resumption of
earnings growth at Superior and deleveraging of its balance sheet over time,
along with support for the continued growth of PolyVision Corp. (AMEX: PLI).
We will therefore focus our resources on achieving these objectives, along
with balance sheet deleveraging at Alpine.
"In this regard, the appointment of Stephen C. Knup as President and Chief
Operating Officer of Superior, is an important step. Steve joined Alpine in
early 1999 and since that time has been increasingly involved in projects
related to Superior's operations. Steve is an experienced and effective
manager who will strengthen our overall team and provide operational
leadership that will enhance our ability to meet our profitability and growth
objectives.
"Steve was a partner at Coopers & Lybrand and its national mining industry
chairman until 1988. At that time, he joined AMAX Inc., a $4 billion revenue
diversified natural resources and mining company and served as its Senior Vice
President and Chief Financial Officer until early 1994, when AMAX spun-off its
aluminum operations to its shareholders and merged its mining assets into
Cyprus Minerals Corporation. From 1994 to 1999, Steve was Executive Vice
President of the North American operations of MG North America Holding, Inc.,
the U.S. arm of Metallgesellschaft AG, an international engineering and
trading company."
Mr. Knup stated that, "Superior has a premier franchise and value
proposition in each of the market segments in which it operates. Competitive
pressures brought about by consolidation in our customer base, by production
overcapacity in some of our markets and by a softening economy which has
already impacted a number of the end user markets for our products, require us
to think differently about how we operate in each of these markets. We will be
dedicated to strengthening our franchises, servicing our valued customers and
achieving strong earnings and share price enhancement over the longer term. I
look forward to working with our management team, customers and suppliers to
achieve these objectives."
Mr. Elbaum added that, "both Superior and PolyVision have been built into
strong business franchises and market leadership positions. They each have the
earnings and cash flow capacity to produce long-term value for Alpine and
Superior stockholders, customers and employees. Through 1999 Alpine built and
delivered long term value for its shareholders and proactively implemented
share repurchase programs. We are now entering a new period of share value
growth at Alpine, which I believe will be substantial over time. Our business
base, with more than $2 billion in consolidated revenues, market leadership
positions and committed management resources can deliver earnings growth and
share price enhancement over the long term."
The Alpine Group, Inc., headquartered in New York, is a holding company
for the operations of Superior TeleCom Inc. , Alpine's 52% owned
subsidiary, which is the largest domestic wire and cable manufacturer and the
fourth-largest wire and cable manufacturer in the world. Superior TeleCom
manufactures a broad portfolio of products with primary applications in the
communications, original equipment manufacturer and electrical wire and cable
markets. It is a leading manufacturer and supplier of Telecommunications cable
and wire products to telephone companies, distributors and system integrators;
magnet wire and electrical insulation materials for motors, transformers and
electrical controls; building and industrial wire for applications in
appliances, construction, recreational vehicles and industrial facilities; and
automotive wire and specialty wiring assemblies for automobiles and trucks.
Alpine owns 65% of the common stock (after giving effect to conversion of
convertible preferred stock owned by Alpine) in PolyVision Corporation
(AMEX: PLI). PolyVision is a global manufacturer of visual communications and
related products for the education/office markets, menus and merchandising
boards for food service and banking institutions, and high performance wall
systems used in the education, transportation and select architectural
markets.
Except for the historical information herein, the matters discussed in
this news release include forward-looking statements that may involve a number
of risks and uncertainties. Actual results may vary significantly based on a
number of factors, including, but not limited to, risks in product and
technology development, market acceptance of new products and continuing
product demand, prediction and timing of customer orders, the impact of
competitive products and pricing, changing economic conditions, including
changes in short term interest rates and foreign exchange rates and other risk
factors detailed in the Company's most recent annual report and other filings
with the Securities Exchange Commission.