PITTSBURGH, April 19 /PRNewswire-FirstCall/ -- Koppers is permanently ceasing production at its crosstie treating plant located in Superior, Wisconsin effective today.
The closure of the plant, which reported revenues of approximately $9.3 million in 2005, is expected to result in reduced costs and increased operating efficiencies since the sales and production of the plant will be absorbed by other wood treating facilities of Koppers. The closure is expected to result in severance charges of approximately $0.4 million; an asset impairment charge related to the Superior facility was incurred in the fourth quarter of 2005.
About Koppers
Koppers, with corporate headquarters and a research center in Pittsburgh, Pennsylvania, is a global integrated producer of carbon compounds and treated wood products. Including its joint ventures, Koppers operates facilities in the United States, United Kingdom, Denmark, Australia, China, the Pacific Rim and South Africa. The stock of Koppers Holdings Inc. (NYSE: KOP) is publicly traded on the New York Stock Exchange under the symbol "KOP". For more information, visit us on the web: www.koppers.com. Questions concerning investor relations should be directed to Michael W. Snyder at 412 227 2131.
This news release may contain forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward- looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Koppers, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to, changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which Koppers does business; competitive pressures; the loss of one or more key customer or supplier relationships; customer insolvencies; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw materials; and other economic, business, competitive, regulatory and/or operational factors affecting the business of Koppers generally.
SOURCE: Koppers Holdings Inc.
CONTACT: Michael W. Snyder, Director, Investor Relations & External Reporting of Koppers Holdings Inc., +1-412-227-2131, or SnyderMW@koppers.com