OGLE Oglebay Norton Company (MM)

Oglebay Norton Announces Sale of Lawn and Garden Business Unit To Oldcastle Retail, Inc. Deal Includes Supply Agreement CLEVELAND, Oct. 28 /PRNewswire-FirstCall/ -- As part of its ongoing business restructuring, Oglebay Norton Company today announced that its wholly-owned subsidiary, Global Stone Corporation, has sold its lawn and garden business unit to Oldcastle Retail, Inc. Terms of the asset purchase agreement were not disclosed; however, as part of the asset purchase agreement, Oglebay will continue to supply Oldcastle Retail with certain raw materials under a multi-year agreement. (Logo: http://www.newscom.com/cgi-bin/prnh/19990901/CLW017 ) "This sale is a prime example of how we are making tangible progress on our publicly stated goals to pay down debt and better position the company for the future around our core limestone and limestone fillers operations," said Oglebay Norton President and Chief Executive Officer Michael D. Lundin. "Not only does this sale generate cash, but the supply agreement further enables us to focus on our core competencies of extracting, processing and providing minerals." Oglebay Norton's lawn and garden business unit is part of the company's Global Stone segment. Oldcastle Retail, Inc., an operating unit of Oldcastle Inc., is a national supplier of concrete patio products, bagged lawn and garden products, dry mixes, gray block, and other building products to home centers and independent retailers. Oldcastle will operate the business within its Oldcastle Stone Products division. Oglebay Norton Company, a Cleveland, Ohio-based company with a 149-year heritage, provides essential minerals and aggregates to a broad range of markets, from building materials and home improvement to the environmental, energy and metallurgical industries. The company's website is located at http://www.oglebaynorton.com/ . Certain statements contained in this release are "forward-looking" in that they reflect management's expectations and beliefs regarding the future performance of the Company and its operating segments. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. There can be no assurance that a successful restructuring can be accomplished, and that it will provide adequate liquidity for the Company to sufficiently improve its financial position. Please refer to the Company's current and subsequent SEC filings under the Securities and Exchange Act of 1934, as amended, for further information. http://www.newscom.com/cgi-bin/prnh/19990901/CLW017 http://photoarchive.ap.org/ DATASOURCE: Oglebay Norton Company CONTACT: Julie A. Boland, Vice President, Chief Financial Officer and Treasurer of Oglebay Norton Company, +1-216-861-8941, or email, ; or Steve Phillips, Vice President of Edward Howard & Co., +1-216-781-2400, or email, Web site: http://www.oglebaynorton.com/

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