Safety Components International Appoints John Corey Pres and COO
26 March 1999
Safety Components International, Inc. Appoints John Corey President and Chief Operating OfficerFORT LEE, N.J., March 26 -- Safety Components International , one of the world's leading manufacturers of airbag fabric and cushions, today announced the appointment of John C. Corey as President and Chief Operating Officer effective March 29, 1999. Corey will have responsibility for all business units and functions of Safety Components. Mr. Corey comes to Safety Components from Stanley Mechanics Tools, a $850 million division of The Stanley Works, where he served as President. This division included six domestic and two international plants with 4100 employees. During his tenure Stanley Mechanics Tools achieved record revenues and profits. Corey has over 15 years experience in the automotive industry including Allied Signal where he served as President of the $800 million North American Aftermarket division and Moog Automotive where he was President of the $300 million Steering and Suspension division of this Cooper Industries' company. Robert A. Zummo, Chairman and Chief Executive Officer of Safety Components International, stated, "John's operational expertise is a perfect match for the growth that Safety Components is experiencing. His experience in increasing market share while restructuring operations to maximize financial performance has been proven many times in John's career." This release contains forward-looking statements. There are certain important factors that could cause results to materially differ from those anticipated from the statements above. These factors include, but are not limited to: the ability to obtain financing to fund growth; worldwide economic conditions; automotive industry trends; the marketplace for airbag elated products; approval of automobile manufacturers of airbag cushions currently in production; pricing pressures; the ability of the Company to effectively control costs and to satisfy our customers on timeliness and quality. Additional information on these and other factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission. Safety Components International, Inc. is a leading, low-cost supplier of automotive airbag fabric and cushions with operations in North America, Europe and Asia. The Company is also a leading manufacturer of value-added synthetic fabrics used in a variety of niche industrial and commercial applications. In addition, Safety Components supplies metal airbag components to its airbag customers utilizing its machining and stamping capabilities gained from years of experience as a military ordnance manufacturer and continues as a systems integrator and manufacturer for ordnance program.