Bethlehem Steel announces completion of BethShip Sale
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., October 2, 1997 -- Bethlehem Steel Corporation announced today that it has completed the sale of its BethShip Sparrows Point Yard in Maryland to The Veritas Capital Fund. The new entity will be known as Baltimore Marine Industries Inc.
Bethlehem and Veritas announced in August that they had reached an agreement of sale for the Yard, subject to Veritas securing a bank revolving credit agreement. Veritas has completed its bank agreement and the sale is now final.
Bethlehem and Veritas said they are pleased that the Shipyard will resume operations and remain a source of employment and an economic asset to Baltimore and the State of Maryland in the future. They also expressed their appreciation to Gov. Glendening and his team, as well as to other state, local and federal officials for their continued efforts toward making this transaction possible.
Bethlehem said the sale of the Shipyard and the recent sale of its BethForge and CENTEC businesses in Bethlehem, Pa., help complete the restructuring plan announced last year.