Ogden to Sell Units Instead of Spin Them Off
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Ogden Corp. scrapped plans to spin off its entertainment and aviation businesses into a separate company and said it will try to sell them instead, as it warned that third-quarter earnings will be much less than forecast and said its chief executive quit.
The news sent Ogden’s shares tumbling $6.75, or nearly 35%, to close at $12.75 on the New York Stock Exchange.
Ogden, whose entertainment operations include management of the Raging Waters theme park in San Dimas, Arrowhead Pond of Anaheim and other Southern California attractions, said it plans to remake itself as a full-time energy company focusing on trash-to-energy conversion.
Scott Mackin, executive vice president of Ogden and chief of the company’s energy business, was named chief executive, succeeding R. Richard Ablon, who also resigned as chairman. Ablon, 49, had succeeded his father, Ralph, who ran the company from 1962 until 1996.
Ogden also said it is eliminating its quarterly dividend.
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