DALLAS, Dec. 15 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) stated today that in response to an announcement by WHX
Corporation (NYSE: WHX) that it intends to commence an unsolicited offer for
any and all of the common stock of Global for $10.50 in cash per share, the
Board of Directors of Global will carefully review the offer and will make
their recommendation to stockholders no later than ten (10) business days
after the tender offer has commenced. The Board of Directors urges
stockholders not to take any action with respect to such offer until they have
received the Board of Directors' formal recommendation.
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 non-ferrous 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.
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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