KATY INDUSTRIES, INC.
ANNOUNCES
THE
SALE
OF
ITS
ELECTRICAL
PRODUCTS
GROUP
ARLINGTON, VA –
November
2,
2007
–
Katy
Industries,
Inc.
(OTC
BB:
KATY)
today
announced
that
it
has
entered
into
a
definitive
agreement
to
sell
its
Electrical
Products
Group,
comprised
of
Woods
Industries,
Inc.
(“Woods
US”)
and
Woods
Industries
(Canada)
Inc.
(“Woods
Canada”),
to
Coleman
Cable,
Inc.
(Nasdaq:
CCIX)
for
$45
million,
subject
to
adjustment
based
on
working
capital
levels
at
closing.
Woods
US
and
Woods
Canada
are
designers
and
distributors
of
consumer
electrical
corded
products
and
electrical
accessories
sold
to
national
home
improvement
and
mass
merchant
retailers.
The
operations
are
located
in
Indianapolis
,
Indiana
and
Toronto
,
Ontario
.
“This
transaction
will
move
Katy
to
a
single-business
model
which
will
allow
the
organization
to
further
focus
its
resources
on
our
core
business,
Continental
Commercial
Products,
which
services
the
janitorial/sanitary
and
food
service
markets,”
said
Anthony
T.
Castor
III,
President
and
Chief
Executive
Officer
of
Katy
Industries.
The
transaction
is
expected
to
close
within
thirty
days
and
is
subject
to
certain
closing
conditions.
This
press
release
may
contain
various
forward-looking
statements.
The
forward-looking
statements
are
based
on
the
beliefs
of
Katy’s
management,
as
well
as
assumptions
made
by,
and
information
currently
available
to,
the
company’s
management.
Additionally,
the
forward-looking
statements
are
based
on
Katy’s
current
expectations
and
projections
about
future
events
and
trends
affecting
the
financial
condition
of
its
business.
The
forward-looking
statements
are
subject
to
risks
and
uncertainties,
detailed
from
time
to
time
in
Katy’s
filings
with
the
SEC,
that
may
lead
to
results
that
differ
materially
from
those
expressed
in
any
forward-looking
statement
made
by
the
company
or
on
its
behalf.
Katy
undertakes
no
obligation
to
revise
or
update
such
statements
to
reflect
current
events
or
circumstances
after
the
date
hereof
or
to
reflect
the
occurrence
of
unanticipated
events.
Katy Industries, Inc. is a diversified corporation with interests primarily in Maintenance Products and Electrical Products.
After
the
sale
of
the
Electrical
Products
Group,
Katy
will
be
focused
on
the
manufacturing
and
distribution
of
commercial
cleaning
products
as
well
as
consumer
home
products.
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