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LTV likely to sell off VP Buildings.(LTV Steel Company Inc.)(Brief Article)(Statistical Data Included)
Crain's Cleveland Business, March, 2001 by PRIZINSKY, DAVID
As a key part of its bankruptcy reorganization, LTV Corp. is close to spinning off its profitable VP Buildings Inc. unit. VP Buildings president David Gilchrist this month told employees progress was being made in finding a buyer for VP, which is one of the country's largest manufacturers of pre-engineered steel buildings.
The Memphis-based subsidiary had estimated sales of $400 million in 2000. In a letter to employees dated March 2, Mr. Gilchrist wrote: "Two financial buyers for the VP asset sale have been identified, and as soon as financing is in place, one of the contracts will be submitted to the (bankruptcy) judge and credit committee. The timing of this event should occur during the next two weeks." Any sale of VP Buildings would need the approval...
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