Date: Fri, 21 Nov 1997 04:09:07 GMT Server: Apache/1.1.1 Content-type: text/html Content-length: 5046 Last-modified: Thu, 15 May 1997 04:49:24 GMT
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12/28/92
COORS COMPLETES SPIN-OFF OF TECHNOLOGIES COMPANY
Golden, Colo. -- Adolph Coors Company (NASDAQ: ACCOB) and ACX Technologies, Inc. (NASDAQ: ACXT) today announced that the spin-off of ACX Technologies to the shareholders of Adolph Coors Company has been completed. Under the terms of the transaction, Adolph Coors Company shareholders of record at the close of business on Dec. 16, 1992, received one share of ACX Technologies common stock for every three shares of Adolph Coors Company stock owned.
As of today, ACX Technologies, Inc. is a separate public company. The common stock of ACX Technologies is traded on the National Association of Securities Dealers Automated Quotation System (NASDAQ), National Market System (NMS). From Dec. 10 until Dec. 18, 1992, ACX Technologies common stock traded on a "when issued" basis. It began regular trading under the symbol ACXT on Dec. 21, 1992. The Class B Common Stock of Adolph Coors Company will continue to trade on NASDAQ under the symbol ACCOB. A total of 12,575,507 shares of ACX Technologies will be distributed, with cash being paid in lieu of fractional shares of ACX Technologies stock. The First Bank of Boston, acting as distribution agent, is mailing stock certificates of ACX Technologies, Inc. to all Adolph Coors Company shareholders of record on Dec. 16, 1992. Within the next few weeks, Adolph Coors Company will send information to each shareholder concerning the allocation of tax basis between Adolph Coors and ACX Technologies stock. An Information Statement containing financial and other information concerning ACX Technologies has been mailed to Adolph Coors Company shareholders. In addition, a Registration Statement of ACX Technologies common stock, filed under the Securities Act of 1934, is effective and on file with the Securities Exchange Commission. As an independent company, ACX Technologies will have better access to capital sources to finance the growth of its diversified businesses and the commercialization of new technologies and will have greater managerial flexibility to respond to business opportunities. The separation of Adolph Coors Company into two publicly owned companies will also permit investors, lenders and other constituencies to evaluate better the separate businesses of Adolph Coors Company and ACX Technologies. ACX Technologies owns the ceramics, aluminum, packaging and technology-based developmental businesses previously owned by Adolph Coors Company. ACX Technologies, with 1991 net sales of approximately $544 million, would have ranked among the 500 largest publicly traded industrial corporations in the United States, if it had been a separate company in that year. Its principal manufacturing subsidiaries are Coors Ceramics Company, Graphic Packaging Corporation and Golden Aluminum Company. Golden Technologies Company, Inc., its other subsidiary, is engaged primarily in the development and commercialization of new technologies. Adolph Coors Company -- based on 1991 net sales of Coors Brewing Company, its principal operating subsidiary -- is one of the 500 largest publicly traded industrial corporations in the United States. Coors Brewing Company is the third-largest brewer in the United States and operates the world's largest single-site brewery in Golden. In connection with the spin-off, in early January, Adolph Coors Company will make publicly available pro forma financial information for fiscal 1991 and the 40-week period ending Oct. 4, 1992, reflecting results as if the distribution had occurred at the beginning of those periods.