ACX Sells Its Shares of Golden Genesis

As part of its effort to become more of a pure packaging and ceramics company, ACX Technologies Inc. (Golden, CO) has sold its common shares of Golden Genesis Corp. to Kyocera International Inc., a wholly owned subsidiary of Kyocera Corp. Kyocera International has purchased 100% of the common shares of Golden Genesis, including the 55% owned by ACX. The agreed price is $2.33 per share, and it is expected that the transaction will close by the end of July 1999.

"The sale of our shares of Golden Genesis brings ACX one step closer to realizing our goal of becoming a pure packaging and ceramics company," said Joe Coors, Jr., CEO of ACX.

ACX Technologies expects to receive approximately $30 million in cash for the sale of their shares and repayment of debt.

ACX Technologies Inc.'s two primary businesses are Coors Ceramics Co., which provides enabling technology through advanced technical ceramics and other engineered materials, and Graphic Packaging Corp., a specialty packaging manufacturer that produces high-performance folding cartons.