Zeev's Turnips Patch-No Politics (ZEEV)

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Here is the first news:

CLEVELAND (Dow Jones)--OM Group Inc. agreed to sell its Precious Metals business and PVC Heat Stabilizer product line, continuing its efforts to reduce debt.

In December, the company detailed a restructuring plan that included selling up to $100 million in noncore assets in order to improve its cash flow and to strengthen its balance sheet.

In a press release Tuesday, OM Group said it signed a definitive agreement to sell its Precious Metals business to Umicore S.A. for about $752 million in cash.

Net proceeds were estimated at about $700 million, which will be used to reduce debt.

OM Group said the sale includes its automotive catalysts; fuel cells; precious metals chemistry; technical materials; jewelry and electroplating; and metals management businesses.

The operations generated 2002 sales of $4.4 billion and an operating profit of $78 million, the maker of metal-based specialty chemicals said.

The company's total 2002 sales were $4.91 billion.


And the second news:

OM Group guides Q2 below consensus (OMG) 17.29 +2.40 halted: -- Update -- Citing a weak dollar and lower than expected nickel production volumes due to its maintenance shut-down, the co now expects Q2 EPS of $0.12-$0.16, vs consensus of $0.18.