DALLAS, May 15 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) announced today that its cash tender offer for all of the
outstanding shares of common stock of A. P. Green Industries, Inc.
(NYSE: APK) has been extended to 5:00 p.m. EST, on Friday, May 29, 1998,
unless further extended.
Global announced that it has been advised by Harris Trust and Savings
Bank, the Depositary for the tender offer, that as of 5:00 p.m., EST, on
Thursday, May 14, 1998, approximately 6.6 million shares of common stock of
A. P. Green had been validly tendered and not withdrawn, representing
approximately 81% of the outstanding shares of common stock of A. P. Green.
Global previously announced that it received a request for additional
information from the Federal Trade Commission on March 31, 1998. Global is
currently in the process of complying with this request and is seeking to do
so as promptly as possible. Global believes this request is not unusual for a
transaction of this nature and intends to complete its tender offer for A. P.
Green as promptly as practical.
Global Industrial Technologies is a major manufacturer of technologically
advanced industrial products that support high-growth markets around the
world. Its Harbison-Walker subsidiary operates 16 refractory plants in six
countries, including the United States, Canada, Mexico, Chile and Germany.
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.
SOURCE Global Industrial Technologies, Inc.
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 422169
CONTACT:
Investors: George Pasley, V.P. of
Communications, 214-953-4510, or Media: Larry Nance, Manager of
Corporate Relations/Public Affairs, 214-953-4518, both of Global
Industrial Technologies, Inc.
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