Walter Industries Sets Up Succession for Spin-Off

Current chairman will lead the new Mueller/Anvil/U.S. Pipe organization

Walter Industries Inc., the holding company that plans to spin-off its metalcasting operations, has named its current chairman to lead the new company to be formed by the organizational change. The company's Water Products business unit includes the Mueller, Anvil, and U.S. Pipe organizations, and Walter recently filed a registration with the Securities and Exchange Commission for an initial public offering (IPO) of the business.

Walter says it intends to spin off the Water Products Business approximately six months after the IPO by distributing the new stock to the company's shareholders. Walter is also studying spin-offs of its other business units, Homebuilding and Financing, to its shareholders.

Gregory E. Hyland, chairman, president, and CEO of Walter Industries, will continue in his role with Walter Industries until the spin-off of the Water Products business. Then, he will become chairman, president, and CEO of the new company.

William F. Ohrt, CFO of Walter Industries, will remain in his current role with the company.

After the spin-off of the Water Products business, Michael Tokarz, a director of Walter Industries, will become non-executive chairman of Walter Industries. Also at that time Victor Patrick, now general counsel, will become an executive officer and vice chairman of Walter Industries.

Mark O'Brien, an independent director of Walter Industries, will become chairman and CEO of the company's Homes Business (consisting of its Homebuilding and Financing segments), and will report to Hyland.

George Richmond, president and COO of Walter Industries' Natural Resources segment, is now chief executive officer of Jim Walter Resources, and continues to report to Hyland.

"I am pleased with the progress that is being made in evaluating strategic alternatives and in taking action to enhance value for our shareholders," Hyland stated. "The immediate and future organizational changes announced today provide each of our businesses with experienced and accomplished executives to provide leadership and continuity as we carry on our transformation and value creation program."

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