KaiserTech Ltd., parent of Kaiser Aluminum & Chemical, said Friday that it will consider selling the entire company as part of its quest to increase value for shareholders.
KaiserTech also announced that James S. Pasman Jr. will succeed Cornell C. Maier as president and chief executive when the 62-year-old Maier fulfills his previously announced intention to retire on Jan. 1. Pasman, 56, will continue as chairman and chief executive of the subsidiary.
At a meeting Friday, KaiserTech's board of directors told company management "to explore all options available to the corporation to maximize value for the company's shareholders, including the possible sale of the company," KaiserTech said.
The company in July had hired Salomon Bros. and Citicorp Investment Bank to help sell all or part of the industrial and specialty chemicals business and to investigate joint ventures for, or the sale of, the aluminum business--in effect, all of company operations. But a company spokesman said at the time that KaiserTech doubted it would receive offers for all parts of the aluminum and chemicals operations.
In addition, KaiserTech's majority shareholder, Alan E. Clore, has put his company holdings up for sale to pay his debts. The stock market crash put Clore in default on loans secured by his KaiserTech stock.