IVACO TURNAROUND MEETS PROMISES
IVACO TURNAROUND MEETS PROMISES
John Wolz
Ivaco Inc. announced its best results in its 31-year history.
At Ivaco annual meeting May 23, CEO Paul Ivanier said proceeds from the sale of IPEX reduced long-term debt and investing in core operations resulted in earnings of $128.2 million in 1999, compared with a loss of $18 million for 1998.
“We promised last year to complete the sale of our prime real estate in Atlanta and to sell IPEX and substantially reduce our long term debt,” Ivanier reflected. “We executed all of them. Promises made, promises kept. That, in essence, is the Ivaco story of the last 12 months.”
Upcoming sales of property and non-core businesses should yield $70 million. That plus the $55 million from the sale of Atlantic Steel property will be used to repurchase second preferred shares and thus improve Ivaco�s net earnings.
Ivaco turned last year�s first quarter loss into a profit this year, the Montreal-based company announced.
There are no comments at the moment, do you want to add one?
Write a comment