Lamson & Sessions Co. announced April 13 that it no longer is seeking a buyer.
The publicly traded pipe and fittings maker in October had hired Brown, Gibbons, Lang & Co. of Cleveland to review possible actions, including taking the firm private, restructuring, forming a joint venture, acquiring a firm or selling all or parts of the business.
``Although we received a number of expressions of interest to acquire the company, we did not receive anything that the board felt would be in the best value-creation interest of Lamson's shareholders,'' said John Schulze, Lamson's chairman, president and chief executive officer, in an April 13 news release.
Lamson's secured credit agreement matures in August, and now it will move ahead with refinancing, which officials had delayed while they considered selling the Beachwood, Ohio-based firm.
Concurrent with that announcement, the firm said it expects to report record sales of nearly $99 million for the first quarter, a 19 percent increase over the same period in 2004, largely due to broad-based strength in key end markets, including residential, commercial and telecommunications infrastructure.
The company will report first-quarter results April 29.
Lamson's businesses include Carlon, its telecommunications infrastructure unit; Lamson Home Products, which makes electrical conduit and fittings, lighting controls and dimmers; and Lamson Vylon pipe, through which the firm makes large-diameter PVC pipe.
The company operates injection molding facilities in Clinton, Iowa, and Bowling Green, Ohio. Its extrusion facilities are in Woodland, Calif.; Nazareth, Pa.; Oklahoma City; Erie, Pa.; Tennille, Ga.; Mount Grove, Mo.; and High Springs, Fla.