Rock of Ages Divests, Settles

CONCORD, N.H. – Rock of Ages Corp. agreed in early June to sell its cemeteries to Saber Management LLC, a Kokomo, Ind.-based funeral-services company, for $6.75 million in cash.
Concord-based Rock of Ages bought the facilities – all located in Kentucky – in 2001. Under the agreement, Rock of Ages will continue to sell and install monuments and mausoleums at the cemeteries.
The transaction, after final approval by both companies, will provide a net gain of $500,000 to Rock of Ages in the third quarter of this year, although company Chairman/CEO Kurt Swenson says that will offset any reduction in cemetery operation revenues for 2003.
Rock of Ages also settled a short strike in late April and early May by Local #4 of the U.S. Steelworkers Union at the company’s Barre, Vt., manufacturing plant. The union ratified a new contract, ending the four-day walkout by the steelworkers; employees represented by the Grate Cutters Association previously approved the contract, but honored the steelworkers’ picket lines.