Business Services Industry
Brush Engineered Materials Inc. Completes Phase II of the Reorganization of Its Corporate and Capital Structure
Business Wire, Feb 2, 2001
Business Editors
CLEVELAND--(BUSINESS WIRE)--Feb. 2, 2001
The Company is announcing the completion of Phase II of the reorganization of its corporate and capital structure, previously approved by shareholders in May of 2000.
Phase I of the reorganization was completed in the second quarter of 2000 and created Brush Engineered Materials Inc., which is the publicly-traded parent company of Brush Wellman Inc.
The completion of Phase II has created three new entities: Brush Resources Inc., Zentrix Technologies Inc., and Brush Ceramic Products Inc. Brush Resources Inc., is comprised of the Company's Utah mining and ore processing operations. Zentrix Technologies Inc. includes a Powder Metallurgy Group which produces copper/tungsten composites, an Electronic Packaging Group which produces direct bond copper substrates and Circuits Processing Technologies, Inc. a maker of multi-layer ceramic substrates. Brush Ceramic Products Inc. is a unit that manufactures beryllium containing ceramic products.
Brush Resources Inc. and Zentrix Technologies Inc. are now wholly-owned subsidiaries of Brush Engineered Materials Inc. and Brush Ceramic Products Inc. is a wholly-owned subsidiary of Brush Wellman Inc.
Gordon Harnett, Chairman and CEO of Brush Engineered Materials Inc. commented, "With the completion of Phase II, the new organization better reflects the way the company is managed today and will operate in the future. Under this new structure, the company believes its businesses are better positioned to capture the benefits of their individual growth opportunities unencumbered by the financial, economic and operating risks of other regions or businesses."
Any forward-looking statements in this announcement are based on current expectations. The Company's performance may differ from that contemplated by the forward-looking statements as a result of a variety of factors including the global and domestic economy, manufacturing yields and operating performances at the Company's various facilities, changes in product mix, the timely and successful completion of pending capital expansions, tax rates, exchange rates and energy costs.
Brush Engineered Materials Inc., (NYSE:BW) is headquartered in Cleveland, Ohio. The Company and its subsidiaries supply worldwide markets with Beryllium Products, Alloy Products, Electronic Products, Precious Metal Products, and Engineered Material Systems.
For further information, please contact:
Michael C. Hasychak
Vice President, Treasurer and Secretary
Brush Engineered Materials Inc.
17876 St. Clair Ave.
Cleveland, Ohio 44110
(216) 383-6823
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