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8-K - FORM 8-K - FERRO CORP | l40125e8vk.htm |
EXHIBIT 99.1
FERRO CORPORATION NAMES NEW CHIEF FINANCIAL OFFICER
CLEVELAND July 1, 2010 Ferro Corporation (NYSE: FOE) today announced the appointment of
Thomas R. Miklich as Vice President and Chief Financial Officer of the Company effective July 7,
2010. Mr. Miklich succeeds Sallie B. Bailey who will be leaving her position as Vice President and
Chief Financial Officer of the Company effective July 2, 2010.
Mr. Miklich has over 30 years of diverse financial experience and has served as chief financial
officer for both public and private companies, including Titan Technology Partners, a privately
held IT consulting firm; OM Group, Inc., a specialty chemicals company; Invacare Corporation, a
manufacturer and distributor of medical equipment; Van Dorn Company, a manufacturer of containers
for the food, chemical, paint, household, automotive products and petroleum industries; and The
Sherwin Williams Company, a manufacturer and distributor of paint, coatings and related products.
Mr. Miklich is currently a director of Quality Distribution, Inc. and Noranda Aluminum Holding
Corporation. He formerly served as a director of Titan Technology Partners and UAP Holding Corp.
Tom brings a strong combination of financial and capital markets expertise, merger and acquisition
experience and familiarity with the specialty chemicals and technologies industries. He will play
an important role in executing Ferros business strategy going forward, said James Kirsch,
President and Chief Executive Officer of Ferro.
Mr. Kirsch also recognized Ms. Baileys service to the Company: We are grateful for Sallies
contributions to Ferro over the past three and a half years, including her leadership of the
accounting and finance team and the guidance she provided during the recent global recession. We
wish her continued success in her future endeavors.
About Ferro Corporation
Ferro Corporation (www.ferro.com) is a leading global supplier of technology-based
performance materials for manufacturers. Ferro materials enhance the performance of products in a
variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals,
building and renovation, appliances, automotive, household furnishings, and industrial products.
Headquartered in Cleveland, Ohio, the Company has approximately 5,200 employees globally and
reported 2009 sales of $1.7 billion.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the
meaning of Federal securities laws. These statements are subject to a variety of uncertainties,
unknown risks and other factors concerning the Companys operations and business environment.
Important factors that could cause actual results to differ materially from those suggested by
these forward-looking statements and that could adversely affect the Companys future financial
performance include the following:
| Demand in the industries into which the Company sells its products may be unpredictable, cyclical or heavily influenced by consumer spending; | ||
| The effectiveness of the Companys efforts to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques; | ||
| The Companys ability to successfully implement and/or administer its restructuring programs; | ||
| The Companys ability to access capital markets, borrowings, or financial transactions; | ||
| The Companys borrowing costs could be affected adversely by interest rate increases; | ||
| The availability of reliable sources of energy and raw materials at a reasonable cost; |
| Competitive factors, including intense price competition; | ||
| Currency conversion rates and changing global economic, social and political conditions; | ||
| The impact of future financial performance on the Companys ability to utilize its significant deferred tax assets; | ||
| Liens on Ferro assets by lenders could affect the Companys ability to dispose of property and businesses; | ||
| Restrictive covenants in the Companys credit facilities could affect strategic initiatives and its liquidity; | ||
| Increasingly aggressive domestic and foreign governmental regulations on hazardous materials and regulations affecting health, safety and the environment; | ||
| The Companys ability to successfully introduce new products; | ||
| Stringent labor and employment laws and relationships with employees; | ||
| The Companys ability to fund employee benefit costs, especially post-retirement costs; | ||
| Risks and uncertainties associated with intangible assets; | ||
| Potential limitations on the use of operating loss carryforwards and other tax attributes due to significant changes in the ownership of Ferros common stock; | ||
| The Companys presence in the Asia-Pacific region where it can be difficult to compete lawfully; | ||
| The identification of any material weaknesses in internal controls in the future could affect the Companys ability to ensure timely and reliable financial reports; | ||
| Uncertainties regarding the resolution of pending and future litigation and other claims; | ||
| The Companys inability to pay dividends on our common stock in the foreseeable future; and | ||
| Other factors affecting the business beyond the Companys control, including disasters, accidents, and governmental actions. |
The risks and uncertainties identified above are not the only risks the Company faces. Additional
risks and uncertainties not presently known to the Company or that it currently believes to be
immaterial also may adversely affect the Company. Should any known or unknown risks and
uncertainties develop into actual events, these developments could have material adverse effects on
our business, financial condition and results of operations.
This release contains time-sensitive information that reflects managements best analysis only as
of the date of this release. The Company does not undertake any obligation to publicly update or
revise any forward-looking statements to reflect future events, information or circumstances that
arise after the date of this release. Additional information regarding these risks can be found in
Ferros Annual Report on Form 10-K for the period ended December 31, 2009.
# # #
MEDIA CONTACT:
Mary Abood
Director, Corporate Communications, Ferro Corporation
Phone: 216-875-6202
E-mail: aboodm@ferro.com
Mary Abood
Director, Corporate Communications, Ferro Corporation
Phone: 216-875-6202
E-mail: aboodm@ferro.com
INVESTOR CONTACT:
David Longfellow
Director, Investor Relations, Ferro Corporation
Phone: 216-875-7155
E-mail: longfellowd@ferro.com
David Longfellow
Director, Investor Relations, Ferro Corporation
Phone: 216-875-7155
E-mail: longfellowd@ferro.com