Bethlehem Steel Announces Agreement of Sale for BethShip Sparrows Point Yard
For Immediate Release
Public Relations Division
Public Affairs Department
1170 Eighth Avenue
Bethlehem, PA 18016-7699
(610) 694-3711 - Phone
(610) 694-1509 - Fax
BETHLEHEM, Pa., August 29, 1997 -- Bethlehem Steel Corporation and Veritas Capital Inc. announced jointly today that they have reached an agreement of sale for Bethlehem's BethShip Sparrows Point Yard in Maryland.
Bethlehem said the agreement is subject to Veritas completing a bank revolving credit agreement, but is hopeful that the transaction can be completed before the end of the third quarter.
Bethlehem and Veritas said they are very pleased that these negotiations were completed successfully and that the shipyard will remain a source of employment and an economic asset to Baltimore and the State of Maryland.
Plans to sell the yard were announced last October as part of a comprehensive restructuring plan developed by Bethlehem to improve the corporation's financial performance and stockholder value.