UNOVA Announces New Executive Team, Name for Newly Merged Company
WOODLAND HILLS, Calif.--Oct. 25, 2002--UNOVA, Inc. today announced the new name and executive team for the company that will be formed as a result of the recently announced merger between Cincinnati Machine and Lamb Technicon.The new company, UNOVA Manufacturing Technologies, will combine engineering, manufacturing and administrative resources and will be headquartered in the Detroit, Mich. area. The highly respected Cincinnati Machine and Lamb Technicon brands will form the core of the new company's marketing strategy.
Jim Herrman, UNOVA Senior Vice President and IAS Group Executive, will be President of the new company and will assume direct responsibility for all global operations, in addition to his current responsibilities for Landis Grinding Systems. Michael E. Keane, UNOVA Chief Financial Officer, will lead the transition team. Herrman will continue to report to Larry Brady, UNOVA Chairman and Chief Executive Officer.
The executive team of UNOVA Manufacturing Technologies comprises key individuals from both former organizations:
| -- | Gerald Budde, Vice President, Finance for Cincinnati Machine and Controller for Landis Grinding Systems, will be Vice President of Finance and Administration for UNOVA Manufacturing Technologies. Budde will have responsibility for finance and accounting, management information systems and human resources at the new company in addition to his current Landis responsibilities. |
| -- | Doug Harmon, Senior VP of Operations for Lamb Technicon, will be Vice President of Engineering in the new organization. In this role, Harmon will lead all engineering, research and development, quality and bid and proposal functions. |
| -- | Dan Janka, most recently President, Cincinnati Machine U.S., will be Vice President of Sales and Marketing for the successor company. Janka's responsibilities extend across all brands, including Cincinnati Machine(R), LAMB(R) and Cincinnati PLUS(SM). He will be responsible for worldwide sales and marketing services, after-market sales, market research and business development. |
| -- | Dave Nowicki, Senior Vice President of Lamb Technicon's North American Operations, will be Vice President of Manufacturing for the new company. Nowicki will direct plant operations and material sourcing for all Cincinnati-brand and Lamb-brand machine tools and systems including production control, purchasing, and customer service for installation and warranty. |
Budde, Janka, Harmon and Nowicki will report to Herrman and will be located at the new company's Detroit-area headquarters.
"These leaders were selected from our combined organizations for their in-depth knowledge of customer needs and their proven skills in operations, marketing and financial management," said Keane. "Together, this new team will build a highly efficient organization that is in tune with the manufacturing needs of our global customers."
"Customers today are seeking competitive advantage through manufacturing processes that are capital efficient: highly adaptable to a wide range of products and highly productive at almost any output level," said Herrman. "Our Cincinnati Machine and Lamb Technicon brands will continue to represent the best products and ideas that meet the needs of this new marketplace."
On October 1, UNOVA's Cincinnati Machine and Lamb Technicon divisions announced plans to combine business operations to provide more comprehensive products and services to their manufacturing customers in automotive, aerospace, and general machining markets.
Production of Cincinnati Machine-brand horizontal machining centers will be moved to UNOVA facilities in Michigan.
The company will also establish a new aerospace technology center in the greater Cincinnati area to manufacture composites machinery and sophisticated five-axis machines. The new facility will also serve as the operations hub for all after-market service and support through the Cincinnati PLUS organization.
The Company expects to complete the merger before the end of 2003.
Landis Grinding Systems division will remain a separate company under UNOVA's Industrial Automation Systems segment.
Forward-Looking Statement
Certain forward-looking statements in this release (as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934) relate to matters that are not historical facts. They include, but are not limited to, words such as "will," "anticipates," "grow," and "expects," as well as statements about the Company's ability to reduce costs, its anticipated operating efficiencies, its ability to streamline organizational decision making, customers' acceptance of new products and services, and the Company's ability to realize its intentions with respect to the future performance of the newly integrated business operations, including its ability to match operating costs to weak market conditions. Such forward-looking statements involve and are dependent upon certain risks and uncertainties. These include, but are not limited to, the following which are beyond the Company's control: the presence of competitors with greater financial and other resources, technological changes and developments, renewed capital spending among automotive, aerospace and general metalworking companies and their suppliers, and other risks and uncertainties described more fully in the Company's filings with the Securities and Exchange Commission.
About UNOVA Manufacturing Technologies:
UNOVA Manufacturing Technologies is a leading global supplier of machinery, systems and services for almost every aspect of automotive, aerospace and industrial products. Under the brand name Cincinnati Machine, the company markets composites processing equipment, profilers, routers and five-axis CNC machining centers, horizontal and vertical machining centers and turning centers, serving leading aerospace, heavy equipment and industrial customers. Additionally, Cincinnati Plus-brand services provide the manufacturing industry's most comprehensive package of service and support.
Under the brand name Lamb Technicon, the company markets high-volume and flexible machining systems and body assembly systems for the automotive and truck industries.
About UNOVA:
UNOVA specializes in the design and integration of manufacturing systems, primarily for the global automotive industry. The company is also a leading supplier of automated data collection and mobile computing systems for industrial, distribution and government markets.