Oglebay Norton Completes Reincorporation in Ohio Board Declares Dividend and Eliminates Poison Pill

Apr 30, 2001, 01:00 ET from Oglebay Norton Company

    CLEVELAND, April 30 /PRNewswire/ -- Oglebay Norton Company (Nasdaq:   OGLE)
 today announced it has reincorporated in Ohio after receiving shareholder
 approval at its April 25, 2001 annual shareholder's meeting.  As set forth in
 the proxy statement dated March 8, 2001 and distributed to shareholders, in
 completing the reincorporation, the company has declassified its board of
 directors, eliminated its poison pill, opted out of certain Ohio anti-takeover
 provisions and increased the number of shares authorized.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990901/CLW017 )
     The reincorporation was completed by a merger of the Delaware company into
 the surviving, Ohio entity.  Because of the way in which the transaction was
 structured, no action on the part of shareholders, bondholders, customers,
 vendors or others is required.  Share certificates will not be exchanged and
 the company's name, Oglebay Norton Company, and ticker symbol on the NASDAQ,
 OGLE, will not change.
     In addition, at a meeting held Wednesday, April 25, 2001, the Board of
 Directors declared a regular dividend of $0.20 per share payable July 2, 2001,
 to stockholders of record on June 8, 2001.
     Oglebay Norton Company, a Cleveland, Ohio-based company, provides
 essential minerals and aggregates to a broad range of markets, from building
 materials and home improvement to the environmental, energy and metallurgical
 industries.  Building on a 147-year heritage, our vision is to become the
 premier growth company in the industrial minerals industry.  The company's
 website is located at www.oglebaynorton.com .
 
     Certain statements contained in this release are "forward-looking" in that
 they reflect management's expectations and beliefs regarding the future
 performance of the Company and its operating segments. Forward-looking
 statements are necessarily subject to risks, uncertainties and other factors,
 many of which are outside the control of the Company, which could cause actual
 results to differ materially from such statements. Weather, particularly in
 the Great Lakes region, water levels, energy, fuel and oil prices, steel
 production, changes in the demand for the company's products due to changes in
 technology, Great Lakes and Mid-Atlantic construction activity, the California
 economy and population growth rates in the Southwestern United States, the
 outcome of negotiations of labor agreements, the loss or bankruptcy of major
 customers, and changes in environmental law all can impact revenues and
 earnings.   Some of our customers have filed for reorganization under Chapter
 11 of the US Bankruptcy Code.  We do not expect that these reorganizations
 will have a material impact on the company's financial condition, although,
 depending on the outcome, there may be an impact on the company's earnings in
 the near-term.  Please refer to the Company's current and subsequent SEC
 filings under the Securities and Exchange Act of 1934, as amended, for further
 information.
 
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SOURCE Oglebay Norton Company
    CLEVELAND, April 30 /PRNewswire/ -- Oglebay Norton Company (Nasdaq:   OGLE)
 today announced it has reincorporated in Ohio after receiving shareholder
 approval at its April 25, 2001 annual shareholder's meeting.  As set forth in
 the proxy statement dated March 8, 2001 and distributed to shareholders, in
 completing the reincorporation, the company has declassified its board of
 directors, eliminated its poison pill, opted out of certain Ohio anti-takeover
 provisions and increased the number of shares authorized.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990901/CLW017 )
     The reincorporation was completed by a merger of the Delaware company into
 the surviving, Ohio entity.  Because of the way in which the transaction was
 structured, no action on the part of shareholders, bondholders, customers,
 vendors or others is required.  Share certificates will not be exchanged and
 the company's name, Oglebay Norton Company, and ticker symbol on the NASDAQ,
 OGLE, will not change.
     In addition, at a meeting held Wednesday, April 25, 2001, the Board of
 Directors declared a regular dividend of $0.20 per share payable July 2, 2001,
 to stockholders of record on June 8, 2001.
     Oglebay Norton Company, a Cleveland, Ohio-based company, provides
 essential minerals and aggregates to a broad range of markets, from building
 materials and home improvement to the environmental, energy and metallurgical
 industries.  Building on a 147-year heritage, our vision is to become the
 premier growth company in the industrial minerals industry.  The company's
 website is located at www.oglebaynorton.com .
 
     Certain statements contained in this release are "forward-looking" in that
 they reflect management's expectations and beliefs regarding the future
 performance of the Company and its operating segments. Forward-looking
 statements are necessarily subject to risks, uncertainties and other factors,
 many of which are outside the control of the Company, which could cause actual
 results to differ materially from such statements. Weather, particularly in
 the Great Lakes region, water levels, energy, fuel and oil prices, steel
 production, changes in the demand for the company's products due to changes in
 technology, Great Lakes and Mid-Atlantic construction activity, the California
 economy and population growth rates in the Southwestern United States, the
 outcome of negotiations of labor agreements, the loss or bankruptcy of major
 customers, and changes in environmental law all can impact revenues and
 earnings.   Some of our customers have filed for reorganization under Chapter
 11 of the US Bankruptcy Code.  We do not expect that these reorganizations
 will have a material impact on the company's financial condition, although,
 depending on the outcome, there may be an impact on the company's earnings in
 the near-term.  Please refer to the Company's current and subsequent SEC
 filings under the Securities and Exchange Act of 1934, as amended, for further
 information.
 
                       MAKE YOUR OPINION COUNT -  Click Here
                  http://tbutton.prnewswire.com/prn/11690X91111732
 
 SOURCE  Oglebay Norton Company