Reichhold Announces Transfer of Surplus Properties in North America and Europe
This portfolio includes former Reichhold properties in Elizabeth, NJ; Baltimore, MD; Zurich Switzerland; Mexico City, Mexico; Tuxedo Park, NY, Columbia, MS; Lima, OH; Pineville, NC; and Tacoma, WA. Terms of the agreement were not released. Reichhold President and CEO John Gaither stated, "The disposal of these surplus properties is part of Reichhold's strategic plan to become more competitive in our core business as the world's largest manufacturer of unsaturated polyester resins and a leading supplier of coating resins." Jim Gostic, CEO of Swiss North American Properties, Inc. said, "SNAP is proud to utilize its skills in the redeployment of surplus assets, which will allow Reichhold to focus more sharply on its core business. SNAP is in a unique position to apply its asset and risk management skills to provide for the reintroduction of these underutilized properties back into productive use." About Reichhold Founded in 1927, Reichhold, with its world headquarters and technology center in Research Triangle Park, North Carolina, USA, is the world's largest manufacturer of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. Reichhold has manufacturing operations throughout North America, Latin America, the Middle East and Europe. About SNAP Swiss North American Properties is headquartered at 7991 Shaffer Parkway, Suite 300, Littleton, CO 80127; Phone (303) 972-6633. |
Research Triangle Park, NC (May 2, 2006) - Reichhold announced today the transfer of a portfolio of surplus assets located in the United States, Mexico and Switzerland. Swiss North American Properties, Inc. (SNAP), a joint venture between International Risk Group, LLC of Littleton, CO and Cobra Ventures, LLC of Raleigh, NC, acquired the Reichhold portfolio.