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Published reports last week that West Palm Beach-based Jacuzzi Brands may still sell some noncore businesses amount to bubbles and foam, a company spokeswoman said.
More recent news that CEO David Clark was leaving in a year also wasn't news, company spokeswoman Diana Burton told The Business Journal, noting that Clarks exit strategy was reported many months ago.
Jacuzzi (NYSE: JJZ) President and COO Don Devine "is the heir apparent," Burton said.
In fact, Jacuzzi is in the latter stages of a plan to consolidate and restructure its business, she said. It recently improved terms of a $65 million credit line, reducing the interest rate it must pay and eliminating annual pre-payments in the original loan agreement with debtors.
"We've had a major disposal plan, and nothing [else] is for sale," Burton said.
The company's Rexair division, rumored as a unit for sale, consistently brings in revenue of about $30 million each year, she said.
Improved credit lines
Fitch Ratings on Aug. 4 affirmed...