Environmental Elements seeking partner

Maryland Watch

July 30, 1998

Environmental Elements Corp., a Baltimore-based air pollution control company, said yesterday it is seeking to sell a minority stake in the company to a strategic partner.

The company, which recently concluded its first profitable fiscal year since 1992, said it has hired Pedersen Kammert & Co. LLC to explore the possible sale of a stake worth $15 million to $30 million.

"Conditions in our industry have improved significantly, and our bookings and backlog are the strongest we have seen in the last several years," said E. H. Verdery, chairman and chief executive officer. "Our market position is very strong domestically, and there are substantial opportunities for us in the global marketplace."

Verdery said the company's "clear preference is finding a partner in the air pollution control business."

Such a partner could help Environmental Elements penetrate lucrative foreign markets and increase the company's spending for research and development, Verdery said. Shares in Environmental Elements, which made the announcement after the close of trading, fell 6.25 cents yesterday to $3.50.

Pub Date: 7/30/98

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