Insilco Holding Co. Announces Organizational Change
28 June 1999
Insilco Holding Co. Announces Organizational Change
COLUMBUS, Ohio, June 25 -- Insilco Holding Co.
(OTC Bulletin Board: INSL) today announced that as part of its corporate-wide
initiative to focus resources at key business units it has decided to reduce
the Company's corporate office staff and accelerate its planned divestiture of
certain non-core businesses. In connection with these initiatives, Robert L.
Smialek, Chairman, President and CEO, is leaving the Company to pursue other
interests.
John F. Fort III, an Insilco board member, has been named non-executive
Chairman of the Board. Former CFO, David A. Kauer, has been appointed to the
post of President and Chief Executive Officer. Michael R. Elia, Vice
President and Corporate Controller will assume the duties of Chief Financial
Officer.
Mr. Fort, who joined Insilco's Board earlier this year, is the former
Chairman of the Board and Chief Executive Officer of Tyco International, where
he remains a director. He is a member of the DLJ Merchant Banking Advisory
Group and is also a director of Roper Industries, Dover Corporation and
Thermadyne Holdings Corp.
Mr. Kauer joined Insilco in 1993 as Treasurer, was named Vice President
in April, 1997 and Chief Financial Officer in May, 1998. Prior to joining
Insilco, Mr. Kauer spent twelve years in a variety of management positions at
Johnson Controls.
Mr. Elia rejoined Insilco in 1998 and held senior financial positions
with Insilco's Technologies Group from 1983 to 1994. Prior to rejoining
Insilco, he was Chief Financial Officer of Jordan Telecommunication Products,
Inc. and served as Division Vice President and Controller and as Director of
Strategic Planning for Fieldcrest Cannon, Inc. Mr. Elia began his career with
Ernst and Young LLP in 1981.
Insilco CEO, David A. Kauer, said, "Insilco will continue with its long-
term strategy of creating shareholder value by building on businesses where it
has a sustainable competitive advantage, while divesting other non-core
businesses to fund that growth and to decrease outstanding debt. During the
past year, we have completed several complementary acquisitions in contract
cable assembly and precision stamped parts and have a pending acquisition in
the heat exchanger market. At this time, we are in discussions with potential
acquirers of certain of our non-core business units. We are also moving ahead
with our strategy to lower our operating costs and this corporate action is an
example of that effort."
The statements made in this press release which are not historical facts
may be deemed forward looking statements, and, as such, are subject to certain
risks and uncertainties, including statements with respect to the Company's
long-term outlook; growth prospects; slowdown in either the automotive parts
or the electronics markets; the ability to improve operating efficiencies and
to further reduce expenses and possible acquisitions and divestitures.
Further information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements are contained
from time to time in the Company's SEC filings, including but not limited to
the Company's report on Form 10-K for the year ended December 31, 1998.
Copies of the Company's SEC filings may be obtained by contacting the SEC.
Insilco Holding Co., based in suburban Columbus, Ohio, is a diversified
manufacturer of industrial components and a supplier of specialty
publications. The Company's industrial business units serve the automotive,
electronics, telecommunications and other industrial markets, and its
publishing business serves the school yearbook market. It had revenues in
1998 of $535.6 million.
Investor Relations Contact: Stephen Smith, 614-792-0468 or write to
Insilco Holding Co., Investor Relations, 425 Metro Place North, Box 7196,
Dublin, OH 43017 or call Melodye Demastus, Melrose Consulting 614-771-0860.
You may also visit our web site at http://www.insilco.com.