Former GM Chairman Stempel Joins Board of Southwall Technologies
4 April 2000
Former General Motors Chairman Robert Stempel Joins Board of Southwall Technologies
PALO ALTO, Calif.--April 4, 2000--Southwall Technologies Inc. today announced that Robert C. Stempel has accepted nomination to the Company's Board of Directors.Stempel was Chairman and Chief Executive Officer of General Motors from 1990 through 1992, and held various senior management positions at the carmaker in the United States and Europe over a distinguished 34-year career. He is currently Chairman of Energy Conversion Devices, an energy and information company located in Troy, Michigan.
"Bob Stempel is a terrific addition to Southwall's board," said Tom Hood, the Company's Chief Executive Officer. "Bob's insight, market experience, and worldwide network of industry contacts will be invaluable as we continue to penetrate the large global market for high-performance, heat-reflecting automotive safety glass."
The Company's XIR(R) film is laminated into windshields and windows to reflect solar infrared heat, reduce the need for air conditioning and improve the car's overall operating performance. Numerous European automakers -- including Mercedes, BMW, Volvo, Peugeot, Audi, and Renault -- have been offering models with glass that incorporates XIR(R) film for several years.
Consumers love the solar infrared heat control and the Company has been aggressively expanding marketing efforts for XIR(R) film in Europe, North America and Japan.
Stempel was equally enthusiastic. "Southwall's XIR film represents a genuine revolution in automotive glazing," he said. "It offers a variety of high-performance attributes that enhance passenger comfort and safety, while improving the car's operating efficiency. I'm looking forward to helping the management team build on the market momentum they've already generated with automotive glass manufacturers and carmakers."
About Southwall Technologies Inc.
Southwall Technologies (www.southwall.com) designs and produces technologically advanced thin film coatings that selectively absorb, reflect or transmit electromagnetic radiation. Southwall products are used in a number of architectural, automotive and electronic products to enhance optical and thermal performance characteristics, improve user comfort and reduce energy costs.
Southwall exports advanced thin film coatings to over 25 countries around the world for use in products manufactured by such companies as Audi, BMW, DaimlerChrysler, Renault, Peugeot-Citron, Volvo, Mitsubishi Electric, and Samsung.
This press release may contain forward-looking statements as that term is defined in the Private Securities Reform Act of 1995, including, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in the document are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including those set forth in the Company's most recent Form 10-K and Quarterly Reports on Form 10-Q.