Waterlink announces sale of Swedish and German subsidiaries
Waterlink, Inc. announced the sale of its shares in Waterlink Sweden AB and Waterlink Germany GmbH, along with their related subsidiaries to Tyco Group S.A.R.L., a subsidiary of Tyco International Ltd.
CLEVELAND, Sept. 24, 2001 — Waterlink, Inc. announced the sale of its shares in Waterlink Sweden AB and Waterlink Germany GmbH, along with their related subsidiaries to Tyco Group S.A.R.L., a subsidiary of Tyco International Ltd.
The sale represents substantially all of the remaining businesses within Waterlink's European Water and Wastewater Division which was reclassified by Waterlink as a discontinued operation of the Company earlier in the fiscal year. Proceeds from the transaction will be used to reduce Waterlink's bank debt.
Scott King, Waterlink's President and Chief Executive Officer, commented, "The completion of the sale of these businesses marks another step in our strategic alternative process as it enables us to reduce our leverage and focus on our remaining Specialty Products and Pure Water divisions."
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including operating results, cost reductions, and the availability of and ability to consummate alternative strategies. These forward-looking statements are subject to certain risks, uncertainties and other factors that could cause actual results to differ materially. Such factors include, but are not limited to, economic and competitive pressures in certain market segments, changes in operating costs, access to and cost of capital, unanticipated liabilities, changes in governmental regulation and the success of the Company's exploration of strategic alternatives. Additional information on factors that could potentially affect the Company or its financial results may be found in the Company's filings with the Securities and Exchange Commission, including the sections entitled "Forward-Looking Statements" and "Risk Factors", beginning on page 19, of the Company's annual report on Form 10-K for its fiscal year ended September 30, 2000.
Waterlink is an international provider of products and systems that provide purification solutions for water and air. Waterlink's executive offices are located in Cleveland, Ohio, USA. More information about Waterlink can be obtained on the internet at www.waterlink.com, by e-mail inquiry to email@example.com, or by contacting Mark Brody, Waterlink, Inc., 1350 Euclid Avenue, Suite 1010, Cleveland, Ohio 44115 USA at 216-861-9195.