 |
|
|||||
|
|||||
|
 |
GENERAL CHEMICAL CORPORATION AND ESSECO S.P.A ANNOUNCE NORTH AMERICAN JOINT VENTURE
JV to Supply Sulfur, Sodium-based Chemistries Parsippany, New Jersey, February 28, 2003 -- General Chemical Corporation, a subsidiary of GenTek Inc. (OTCBB: GNKIQ), and Esseco S.p.A. today announced plans to form a joint venture, Esseco General Chemical LLC, to supply various sodium and sulfur-based chemistries to the North American market. Initially, the joint venture will focus on the supply and distribution of all grades of sodium metabisulfite, sodium sulfite and sodium thiosulfate, among other products. "General Chemical and Esseco are excited to be bringing together our respective technical, market, distribution and manufacturing expertise," said Charlie Shaver, vice president and general manager of GenTek's Performance Products business. "With our combined global capabilities, the new Esseco General Chemical joint venture will be able to bring even more value to our North American customers, who have been served by General Chemical for almost 90 years." "This joint venture will allow Esseco to bring our over 80 years of experience in these products to North America and demonstrates the long term commitment of both Esseco and General Chemical to continue to grow as global leaders in these markets," said Piero Nulli, Chief Executive Officer of Esseco. In the fourth quarter of 2002, Esseco launched a 20,000-ton per year expansion of its sodium metabisulfite plant in Trecate, Italy. "We believe this expansion will strengthen the joint venture's position as a leading supplier to North America, and Esseco's position as a leading global supplier," said Nulli. It is anticipated that the joint venture will be operational early in the second quarter of 2003. Details will be discussed with General Chemical's customers individually by representatives of General Chemical and the joint venture. The implementation of the joint venture is subject to certain conditions, including approval of the Bankruptcy Court in Delaware. General Chemical Corporation, which traces its roots to 1899, is part of GenTek's Performance Products business headquartered in Parsippany, N.J. GenTek's Performance Products segment operates a network of more than 40 production facilities in North America and Europe, in addition to various technical centers, warehouses, terminals and distribution operations, and serves a wide variety of end markets, including petroleum refining, water treatment, semiconductor, pharmaceutical and personal care, paper, foods and chemical processing. Esseco S.p.A, founded in 1920 and based in Trecate, Italy, is a leading European manufacturer and global supplier of sulfur dioxide and a wide range of its derivative products. Esseco's products serve diverse markets and industries, including paper, water treatment, rubber, textiles, glass, agriculture and foods. About GenTek Inc. GenTek Inc. is a technology-driven manufacturer of communications products, automotive and industrial components, and performance chemicals. A global leader in a number of markets, GenTek provides state-of-the-art connectivity solutions for telecommunications and data networks, precision automotive valve-train components, and performance chemicals for environmental, pharmaceutical and personal care, technology and chemical-processing markets. Additional information about the company is available on GenTek's Web site at www.gentek-global.com. On October 11, 2002, General Chemical, its parent, GenTek Inc., and 30 of its U.S. affiliates filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to facilitate a restructuring of GenTek and certain of its U.S. affiliates. General Chemical commenced its Chapter 11 process in the United States because its other Chapter 11 affiliates are all either obligors or guarantors under GenTek's senior secured credit facility. Since the Chapter 11 filings, GenTek and its affiliates, including General Chemical, have continued to operate their businesses as debtors in possession under the provisions of the U.S. Bankruptcy Code and will continue their business operations in the ordinary course. This announcement includes forward-looking statements. GenTek has based these forward-looking statements on its current expectations and projections about future events. Although GenTek believes that its assumptions made in connection with the forward-looking statements are reasonable, no assurances can be given that its assumptions and expectations will prove to have been correct. These forward-looking statements are subject to various risks, uncertainties and assumptions. GenTek undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this announcement might not occur.
|
