Wolverine Tube, Inc. Consolidates and Expands Wholesale Product Distribution Center
05 6월 2004 - 8:19AM
PR Newswire (US)
Wolverine Tube, Inc. Consolidates and Expands Wholesale Product
Distribution Center HUNTSVILLE, Ala., June 4 /PRNewswire-FirstCall/
-- Wolverine Tube, Inc. (NYSE:WLV) announced today that it has
consolidated and expanded wholesale tube distribution capability
with the addition of a 109,000 sq. ft. distribution center near
Decatur, AL. This consolidation and expansion will enhance
wholesale tube distribution capability in the U.S. and reduce
existing freight costs. Further, consolidation in this new location
frees up space in the Company's Jackson, Tennessee, welded tube
manufacturing plant. A portion of the Jackson facility was
previously used for a distribution center and Jackson will now be
devoted to the production and distribution of our industrial tube
products. Commenting, Dennis Horowitz, Chairman, President &
CEO, stated, "We continue to see expanding demand for our wholesale
tube products and have put ourselves in a position to provide our
customers with an even greater level of support. Wholesale pricing
in the U.S. continues to be well above last year, and with our new
distribution capability and increased volumes resulting from
Project 21, we will continue to take full advantage of this
opportunity." Horowitz continued, "Based upon what we are seeing in
the market place, we are comfortable in reaffirming the general
business direction we gave in our first quarter earnings conference
call. In our conference call, we said that we expected the second
quarter of this year to show a sharp improvement over the second
quarter of last year, as well as an improvement versus the first
quarter of this year." About Wolverine Tube, Inc. Wolverine Tube,
Inc. is a world-class quality partner, providing its customers with
copper and copper alloy tube, fabricated products, metal joining
products as well as copper and copper alloy rod, bar and other
products. Internet addresses: http://www.wlv.com/ and
http://www.silvaloy.com/ . Forward-looking statements in this press
release are made pursuant to the "Safe Harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements use such words as "will," "expect" and
similar terminologies. This press release contains forward-looking
statements regarding factors affecting the Company's expectations
of future distribution capability, freight costs, and, with respect
to the statements regarding the general business direction of the
second quarter of this year, future sales, earnings and cash flows.
Such statements are based on current expectations, estimates and
projections about the industry and markets in which the Company
operates, as well as management's beliefs and assumptions and
information currently available. These forward-looking statements
are subject to various risks and uncertainties that could cause
actual results to differ materially from those stated or implied by
such forward-looking statements. The Company undertakes no
obligation to publicly release any revision of any forward- looking
statements contained herein to reflect events or circumstances
occurring after the date hereof or to reflect the occurrence of
unanticipated events. A discussion of risks and uncertainties which
could cause actual results to differ from those contained in the
forward-looking statements, can be found in the Company's Annual
Report on Form 10-K for the most recently ended fiscal year and
reports filed from time to time with the Securities and Exchange
Commission. Contact: James E. Deason Executive Vice President,
Chief Financial Officer (256) 580-3500 DATASOURCE: Wolverine Tube,
Inc. CONTACT: James E. Deason, Executive Vice President, Chief
Financial Officer of Wolverine Tube, Inc., +1-256-580-3500 Web
site: http://www.wlv.com/ http://www.silvaloy.com/
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