PARSIPPANY, NJ, Nov. 3, 2004 (BUSINESS WIRE) -- GenTek, having strengthened its balance sheet and repositioned its core businesses through a reorganization completed in November 2003 and the sale of KRONE in May 2004, has retained Goldman, Sachs & Co. to assist the diversified manufacturer in exploring strategic alternatives. These alternatives could include the possible sale of the company in its entirety.
"As a result of GenTek's significantly improved operating performance, financial condition and prospects for continued growth, the board of directors has decided that now is the opportune time to explore our alternatives for enhancing shareholder value, potentially by selling the company as a whole to a buyer who can build on our accomplishments," said Richard R. Russell, president and chief executive officer.
No decision has been made as to whether there will be a sale or any other transaction involving GenTek, which also owns General Chemical Corp. based in Parsippany, N.J., a water and wastewater treatment chemicals company. And there is no assurance that any transaction will be completed as a result of this review.
About GenTek Inc.
GenTek (www.gentek-global.com) provides specialty inorganic chemical products and services for petroleum refining, treating water and wastewater, and the manufacture of personal-care products. The company also produces valve-train systems and components for automotive engines and wire harnesses for large home appliances and automotive suppliers, as well as other cable products. GenTek operates over 60 manufacturing facilities and technical centers and has more than 6,900 employees. GenTek's 1,000-plus customers include many of the world's leading manufacturers of cars and trucks, heavy equipment, appliances and office equipment, in addition to global energy companies and makers of personal-care products.
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