Exhibit 99.1
VULCAN INTERNATIONAL CORPORATION
Executive Offices:
300 Delaware Avenue, Suite 1704
Wilmington, Delaware 19801
FOR IMMEDIATE RELEASE August 15, 2003
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Vulcan International announced today that the claims of the United
States against the Company for past and future clean-up costs and
expenses with respect to the Re-Solve, Inc. Superfund site in North
Dartmouth, Massachusetts have been resolved by the docketing of a
settlement agreement in the Federal District Court of Massachusetts
approved by Senior Federal Judge Robert Keeton. The settlement
provides that the Company will pay to the U.S. Department of Justice
the amount of $3,800,000 plus interest from November 1, 2002. On
September 22, 1999, the Court had issued a judgment against the
Company in the amount of $3,465,438, plus interest, for unreimbursed
response costs, plus any additional unreimbursed response costs,
interest and certain future costs the United States incurs at the
site. The Company challenged that final judgment. The approved
settlement agreement resolves all matters involved in the case.
During the third quarter, the Company will recognize approximately
$980,000 of income related to the settlement.
The claim was based on allegations by the United States E.P.A. that
a manufacturing facility of Vulcan, located in Massachusetts, had sent
wasted solvents to the Re-Solve site in the 1970s. That manufacturing
facility had been closed by Vulcan prior to enactment of the federal
legislation on which the claim was based, but was applied retroactively
against the Company.
"This case has been a major concern for the past 2-1/2 years and has
involved the expenditure of a great deal of time and money by the
Company. We are happy to put this distressing situation to rest.
It will remove a major uncertainty which has clouded the future of
the Company," stated Mr. Benjamin Gettler, Chief Executive Officer
of the Company.
Attribute to Benjamin Gettler, Chairman of the Board and President.
For more information: Contact Vernon E. Bachman, Vice President
Secretary and Treasurer at (513) 621-2850
or Benjamin Gettler, Chairman of the Board
and President
Exhibit 99.2
VULCAN INTERNATIONAL CORPORATION
Executive Offices:
300 Delaware Avenue, Suite 1704
Wilmington, Delaware 19801
FOR IMMEDIATE RELEASE August 15, 2003
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Mr. Warren Falberg was appointed to the Board of Directors of Vulcan
International Corporation, an American Stock Exchange listed Company,
at a Board Meeting held today in Newburgh, New York. He was also
appointed as one of the three independent members of the Board's
Audit Committee.
Mr. Falberg has since 1999 been the C.E.O. of the Visiting Nurse
Association of Greater Cincinnati and Northern Kentucky. From 1976
to 1995, he was the Chief Executive Officer of the Jewish Hospital
of Cincinnati. When that hospital joined the Health Alliance of
Greater Cincinnati, he was appointed as Senior Executive Officer of
the Jewish Hospital where he served until 1998. During the past
three decades, Mr. Falberg has been responsible for leading major
turnarounds of organizations who were at the precipice of financial
insolvency. In those positions, Mr. Falberg acquired substantial
experience in analyzing and evaluating financial statements that
present a breadth and a level of complexity of accounting issues
that are generally comparable to the breadths and complexity of
issues that can reasonably be expected to be raised by Vulcan's
financial statements. In addition, he actively supervised one or
more persons engaged in such activities and has an understanding
of internal controls and procedures for financial reporting and
Audit Committee functions.
At the same meeting, the Board declared a regular quarterly dividend
of 5 cents per share on the common stock of the Company, payable
September 16, 2003 to shareholders of record August 29, 2003.
Vulcan International Corporation is the parent of Vulcan Corporation,
a diversified manufacturer of rubber and foam products and bowling
pins with manufacturing plants in Tennessee and Wisconsin.
Attribute to Benjamin Gettler, Chairman of the Board and President.
For more information: Contact Vernon E. Bachman, Vice President
Secretary and Treasurer at (513) 621-2850
or Benjamin Gettler, Chairman of the Board
and President