DALLAS, Jan. 19 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) today stated that the results of WHX's (NYSE: WHX) unsolicited
$10.50 cash per share offer demonstrates that Global stockholders agree with
their Board of Directors that the WHX offer is not in the best interests of
the stockholders and the Company.
Rawles Fulgham, Chairman and Chief Executive Officer of Global, stated,
"WHX has tested the market's reaction to its offer and its offer failed the
test. We see no constructive point in WHX's decision to extend its offer for
another two weeks, and no constructive role for a hand-picked nominee of a
company making an inadequate offer to play on the Global board.
"WHX's tender offer is an unwanted distraction at a time when it is
important that every member of Global management and every Global employee
remain focused on capitalizing on the opportunities we have before us.
"For the reasons previously stated in Global's Schedule 14D-9, the Board
of Directors continues to unanimously recommend that Global stockholders
reject the WHX offer and not tender any of their shares to WHX. We strongly
urge those stockholders that have tendered their shares to WHX to withdraw
their shares."
Global is a major manufacturer of technologically advanced industrial
products that support high-growth markets around the world. Products include
forged flanges; undercarriage parts for track-mounted vehicles; modular cells
for refining nonferrous metals; premium refractories for lining heat-
containing industrial vessels such as steel furnaces; raw materials used to
make refractory products, processing and recycling equipment.
This document and the attachments hereto may contain certain statements
that are not strictly historical and are considered "forward-looking"
statements under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Although the Company believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be realized.
Forward-looking statements involve known and unknown risks which may cause the
Company's actual results and corporate developments to differ materially from
those expected. Factors that could cause results and developments to differ
materially from the Company's expectations include, without limitation,
changes in manufacturing and shipment schedules, delays in completing plant
construction and acquisitions, currency exchange rates, new product and
technology developments, competition within each business segment, cyclicality
of the markets for the products of a major segment, litigation, significant
cost variances, the effects of acquisitions and divestitures, and other risks
described from time to time in the Company's reports with the Securities and
Exchange Commission including quarterly reports on Form 10-Q, annual reports
on Form 10-K and reports on Form 8-K.
SOURCE Global Industrial Technologies, Inc.
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http://prnewswire.com/gix
Company News On-Call:
http://www.prnewswire.com/comp/422169.html or fax,
800-758-5804, ext. 422169
CONTACT:
George Pasley, V. P. Communications of Global
Industrial Technologies, Inc., 214-953-4510
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