Ogden Announces Plans to Sell Off Aviation Holdings

Ogden Corp. says it plans to sell its aviation and entertainment divisions in a bid to ensure a "solid operating platform" for its energy business, which owns powerplants and related infrastructures. R. Richard Ablon has resigned as the company's chairman and CEO, to be replaced by Scott G. Macklin as president and CEO, and George L. Farr as non-executive chairman of the board. In announcing the move, Ogden said its third quarter earnings will be "substantially below" analysts' estimates. Ogden Aviation is one of the world's largest independent aviation services companies, with a presence at more than 100 airports in 23 countries. Operations will continue as normal, the company says.

NBAA 1999, Atlanta, Ga.