DALLAS, April 21 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX), a Dallas-based industrial manufacturing company, announced that
it has entered into negotiations with respect to a possible transaction that
could involve a merger of the Company. These discussions, which are in
preliminary stages with third parties, are the result of the Company's
previously announced efforts to explore and evaluate financial alternatives.
No assurances can be given that a definitive agreement will be entered into
with respect to any transaction and the Company does not expect to make any
further announcements with respect thereto unless and until a definitive
agreement is executed.
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.
Statements the Company may publish, including those in this announcement,
that are not strictly historical are "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, cyclicity 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 SEC reports including quarterly
reports on Form 10-Q, annual reports on Form 10-K and reports on Form 8-K.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
Global Industrial Technologies, Inc. (the "Company") and certain other
persons named below may be deemed to be participants in the solicitations of
proxies against the proposals of WHX Corporation. The participants in this
solicitation may include (i) the directors of the Company: David H. Blake,
Richard W. Vieser, Samuel B. Casey, Jr., Rawles Fulgham and Graham L. Adelman
and (ii) the following executive officers and employees of the Company:
Rawles Fulgham (Chairman and Chief Executive Officer), Graham L. Adelman
(President and Chief Operating Officer), Alfred L. Williams (Senior Vice
President and Chief Financial Officer), Donna Reeves (Vice President and
Controller), Jeanette H. Quay (Vice President, General Counsel and Secretary),
James Alleman (Vice President-Human Resources), and George Pasley (Vice
President-Communications), Juan M. Bravo (Vice President). As of the date of
this communication, none of the foregoing participants individually
beneficially own in excess of .1% of the Company's common stock or in the
aggregate in excess of 2% of the Company's common stock.
SOURCE Global Industrial Technologies, Inc.
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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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