This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SP Corporate Services LLC Enters Into Management Services Agreement With Handy & Harman Ltd.





NEW YORK, Jan. 5, 2012 /PRNewswire/ -- Steel Partners Holdings L.P. (Pink Sheets: SPNHU) ("SPH") announced today that its wholly owned subsidiary, SP Corporate Services LLC ("SP Corporate"), entered into a Management Services Agreement (the "Management Services Agreement") with Handy & Harman Ltd. (NASDAQ(CM): HNH); ("HNH"), effective January 1, 2012.  Under the Management Services Agreement, SP Corporate will provide HNH with corporate and executive services including, without limitation, legal, tax, accounting, treasury, consulting, auditing, administration, compliance, environmental health and safety, human resources, marketing, investor relations and other similar services rendered for HNH and its subsidiaries.  In addition, SP Corporate will provide HNH with the continued service of Glen Kassan, as HNH's Chief Executive Officer, Jim McCabe, as HNH's Chief Financial Officer, and certain other employees and corporate services.

In connection with the Management Services Agreement, HNH transferred to SP Corporate approximately 37 employees, as well as certain other assets that had previously been used or held for use by HNH and its subsidiaries in providing the subject services which SP Corporate will now be providing to HNH.

The Management Services Agreement was entered into in connection with the formation of SPH Services, Inc., a new subsidiary of SPH that was created to consolidate the executive and corporate functions of SPH and certain of its affiliates, including SP Corporate and Steel Partners LLC, to provide such services to other companies, including, without limitation, HNH.  SPH Services, Inc. will operate through its wholly owned subsidiary, SP Corporate.  In addition to its Management Services Agreement with HNH, SP Corporate has management services agreements with other companies, including BNS Holding, Inc., CoSine Communications, Inc., DGT Holdings Corp., NOVT Corporation, Ore Holdings, Inc., Steel Excel Inc. and WebBank.

By consolidating corporate overhead and back office functions, SPH believes it will achieve cost savings over time for its affiliated companies while delivering more efficient and effective services.  As a result of the synergies associated with SP Corporate's specialization and capabilities across a broad range of corporate and executive functions that are provided to SPH and other companies, SP Corporate believes that it will be able to create high value business partnerships by delivering higher quality services and more efficient professional transaction processing which will result in significant cost savings that can be achieved through standardization, clear processes and procedures, the elimination of non-value adding activities and economies of scale.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs