Walter Industries, Inc. Completes Separation of Financing Business; Expects to Announce New Corporate Identity at Annual Shareho
18 April 2009 - 9:05AM
PR Newswire (US)
TAMPA, Fla., April 17 /PRNewswire-FirstCall/ -- Walter Industries,
Inc. (NYSE:WLT) announced today that it has completed the
separation of its Financing business and the merger of that
business with Hanover Capital Mortgage Holdings to create Walter
Investment Management Corp. (NYSE Amex: WAC) - a fully independent,
publicly traded Real Estate Investment Trust. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020429/FLM010LOGO-c) In
conjunction with the completion of this separation, Walter
Industries said that, contingent on shareholder approval of a
proposed name change, it would unveil a new corporate identity at
the Company's annual shareholder meeting on April 23 at the Tampa
Airport Marriott Hotel, repositioning the company with a new brand
identity reflecting its focus on its core natural resources and
energy businesses. "The separation of Walter Investment Management
Corp. marks the completion of a six-year transformation strategy,"
said Walter Industries Chairman Michael T. Tokarz. "We are excited
to embark on this next chapter in our Company's history as the
leading producer and exporter of premium U.S. metallurgical coal to
the world's steel producers." About Walter Industries Walter
Industries, Inc., based in Tampa, Fla., is the leading producer and
exporter of premium metallurgical coal for the global steel
industry and also produces steam coal, coal bed methane gas,
furnace and foundry coke and other related products. The Company
has annual revenues of approximately $1.5 billion and employs
approximately 2,250 people. For more information about Walter
Industries, please visit the Company website at
http://www.walterind.com/.
http://www.newscom.com/cgi-bin/prnh/20020429/FLM010LOGO-c
http://photoarchive.ap.org/ DATASOURCE: Walter Industries, Inc.
CONTACT: Mark Tubb, Investor Contact, Vice President - Investor
Relations, +1-813-871-4027, , or Michael A. Monahan, Media Contact,
Director - Corporate Communications, +1-813-871-4132, , both of
Walter Industries, Inc. Web Site: http://www.walterind.com/
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