Oglebay Norton to explore alternatives

By Lisa Kerner

Charlotte, N.C., July 25 - Oglebay Norton Co.'s board of directors formed a special committee to explore strategic alternatives to maximize shareholder value, including a possible sale or merger of the company. JPMorgan will assist the committee in the review process.

There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, the company said.

"Since our restructuring, Oglebay Norton's board and new leadership team have taken decisive actions to reduce debt and capitalize on our strategic position and high-quality mineral reserves to capture the demand in our core markets," president and chief executive officer Michael Lundin stated in a company news release.

"The improvements in the company's net income and our enhanced financial strength demonstrate the progress we are making and our commitment to pursuing disciplined growth. With a stronger foundation in place, we believe that now is the right time to explore strategic alternatives to deliver further value for all our shareholders."

Oglebay Norton adopted a shareholder rights plan to protect shareholders' interests during the strategic review. Under the plan, the rights will initially trade together with the company's common shares and will not be exercisable, according to the release.

The Cleveland company provides minerals and aggregates to markets including building materials, environmental remediation, energy and industrial applications.

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