Oglebay Norton Company Agrees To Sell the S/S Reserve for $4 Million
CLEVELAND, Feb 13, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Oglebay Norton Company's (OTC Bulletin Board: OGBY) wholly owned subsidiary, Oglebay Norton Marine Services Company LLC., announced that it has entered into a definitive agreement to sell the S/S Reserve to K&K Warehousing, Inc. for $4 million. The transaction is scheduled to close at the end of the month. Proceeds from the sale will be used to retire debt.
The Company continues to negotiate the terms of sale for the balance of its Great Lakes fleet.
Oglebay Norton Company, a Cleveland, Ohio-based company with a 150-year tradition of service, provides essential minerals and aggregates to a broad range of markets, from building materials and environmental remediation to the energy and metallurgical industries. For more information, see
www.oglebaynorton.com -----------------------------------------------------
The RESERVE is expected to be converted to an ATB unit, similar to her former Oglebay Norton fleetmate BUCKEYE, which was sold to K&K in November 2005. The BUCKEYE is undergoing conversion at Erie Shipbuilding in Erie, Pa, where the RESERVE is expected to undergo conversion.