Ogden to Split Company in Bid to Boost Value

Ogden Corp., an old-line conglomerate that has been buying companies for more than 50 years, is splitting in two after its stock spent the last decade in the doldrums.

New York-based Ogden, which operates everything from trash-burning power plants to amusement parks, will separate its entertainment and aviation-services units from its energy businesses by spinning them off to the public. Investors have said the mix of businesses has made it difficult to value the company.

Ogden’s shares have lagged the broader market through the 1990s even though it has shown a steady profit. Its shares are down about 23% this decade, while the Standard & Poor’s 500 index almost tripled. Ogden has been under pressure from shareholders to break up the company to boost its value.

The company operates a host of Southern California sports and entertainment venues and has management contracts to operate the Los Angeles Convention Center, Great Western Forum in Inglewood and an arena and convention center in Bakersfield. The company also handles the food and beverage concessions for the Greek Theatre and the Shrine Auditorium in Los Angeles.

In Anaheim, Ogden operates Arrowhead Pond and holds the food and beverage contract at Edison International Field, home of the Anaheim Angels.

Ogden owns and operates the Tinseltown Studios dinner theater in Anaheim and American Wilderness Experience Zoo & Aquarium at Ontario Mills mall, and it runs Wild Rivers water park in Irvine.

It isn’t clear if the split will affect the company’s Southland operations. Ogden officials couldn’t be reached for comment Thursday.

“It’s a substantial step in the right direction,” said Herbert Denton, president of Providence Capital Inc., an Ogden shareholder. Denton declined to say what size stake Providence owns.

Shares rose 75 cents to close at $27.13 on the New York Stock Exchange.