Taylor-Wharton International LLC Signs Agreement to Sell Huntsville Operations, Certain Harrisburg Assets to Norris Cylinder Corp.

MECHANICSBURG, Pa., May 4 /PRNewswire/ -- Taylor-Wharton International LLC ("TWI"), a leading global technology, service and manufacturing network for gas applications involving pressure vessels and precision valves, announced today it has agreed to sell the assets of its Huntsville, Alabama cylinder operations and certain of the assets of its Harrisburg, Pennsylvania cylinder operations as part of its chapter 11 restructuring.

TWI has selected Norris Cylinder Corp. ("Norris") as a stalking horse bidder for the cylinder assets under Section 363 of the U.S. Bankruptcy Code.  Norris has agreed to purchase the assets for $11 million, subject to certain adjustments detailed in the asset purchase agreement dated April 30, 2010.  TWI is in the process of seeking Court permission to conduct an auction within the next month under Section 363 of the U.S. Bankruptcy Code in order to maximize value for TWI and its creditors.

A motion for approval of certain bidding procedures was filed with the Court on April 30, 2010.

"The sale of the cylinders business represents another important step in our restructuring process," said Bill Corbin, chairman and chief executive officer of TWI. "After careful review, TWI determined the sale of the Huntsville and Harrisburg assets is in the best interest of the Company and its stakeholders."

As previously announced, TWI and certain affiliates filed voluntary petitions for chapter 11 protection on November 18, 2009 in order to implement an agreement in principle with the holders of mezzanine senior subordinated secured notes and holders of first lien notes to significantly improve the Company's capital structure and create financial flexibility.  The Company is scheduled to seek confirmation of its Plan of Reorganization on May 12, 2010 and exit chapter 11 shortly thereafter.

About Taylor-Wharton International LLC

Taylor-Wharton International LLC is a leading global technology, service and manufacturing network for gas applications involving pressure vessels and precision valves. Taylor-Wharton International operates three complementary businesses from 16 manufacturing, sales, warehouse and service facilities in six countries on four continents, and markets its products in over 80 countries worldwide. Additional information about Taylor-Wharton International can be located at www.TWIglobaltech.com.

SOURCE Taylor-Wharton International LLC