Ampco-Pittsburgh Corporation Announces Suspension of Quarterly Dividend and New Board Members
June 14 2017 - 4:24PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) today announced that the
Board of Directors has suspended the Corporation’s quarterly cash
dividend, beginning with the second quarter of 2017.
“Ampco-Pittsburgh Corporation is in a period of growth. The
decision to suspend the dividend is an effort to deliver value to
shareholders by preserving liquidity for investments in that
growth, including working capital, capital expenditures and
acquisitions, and for the repayment of debt,” said John Stanik,
Ampco-Pittsburgh’s Chief Executive Officer. “We believe this
dividend decision will maintain the Corporation’s ability to remain
focused on our strategic initiatives, ultimately increasing
profitability and providing long-term value to our shareholders.
The Board of Directors will continue regularly to assess the
Corporation’s allocation of capital and evaluate the possibility of
reinstating the dividend.”
The Corporation also announced the appointment of two new
members to its Board of Directors, Elizabeth A. Fessenden and Ann
E. Whitty. The appointment of Ms. Fessenden and Ms. Whitty expands
the Board to 13 directors.
Ms. Fessenden is an experienced and valued corporate board
director, having served on both public and private company boards
across a variety of sectors. With her strong operational
background, Ms. Fessenden brings significant experience in
management of P&L, having served in several executive
leadership positions during her more than 25-year career with Alcoa
Inc., as well as her involvement as a principal of American
Capital, a publicly traded private equity firm and global asset
manager.
Ms. Whitty is a senior executive with a proven track record in
leading large industrial businesses and plants, both domestically
and globally. During her more than 30 years with Alcoa Inc., Ms.
Whitty has served in several executive roles, the most recent
including the President of China Rolled Products, and Vice
President and General Manager of Alcoa’s Rigid Packaging Division.
Ms. Whitty has been recognized for her skills in risk assessment,
business and process improvement, and ROI initiatives.
“I am pleased to welcome Liz and Ann as new Board members. These
individuals bring a wealth of experience in the metals industry and
will add valuable perspectives to our decision making. We
appreciate their willingness to serve on our Board, and look
forward to benefiting from their judgment, counsel, and diversity,”
stated Mr. Stanik.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation, through its operating
subsidiaries, is a leading producer of forged and cast rolls for
the worldwide steel and aluminum industries, as well as ingot and
open die forged products for the oil and gas, aluminum, and plastic
extrusion industries. It is also a producer of air and liquid
processing equipment, primarily custom-engineered finned tube heat
exchange coils, large custom air handling systems and centrifugal
pumps. Ampco-Pittsburgh Corporation operates manufacturing
facilities in the United States, Canada, United Kingdom,
Sweden, Slovenia, and China. Sales offices are located in North and
South America, Asia, Europe, and the Middle East. Corporate
headquarters is located in Carnegie, Pennsylvania.
The Private Securities Litigation Reform Act of 1995 (the “Act”)
provides a safe harbor for forward-looking statements made by or on
our behalf. This news release may contain forward-looking
statements that reflect our current views with respect to future
events and financial performance. All statements in this document
other than statements of historical fact are statements that are,
or could be, deemed forward-looking statements within the meaning
of the Act. In this document, statements regarding future financial
position, sales, costs, earnings, cash flows, other measures of
results of operations, capital expenditures or debt levels and
plans, objectives, outlook, targets, guidance or goals are
forward-looking statements. Words such as “may,” “intend,”
“believe,” “expect,” “anticipate,” “estimate,” “project,”
“forecast” and other terms of similar meaning that indicate future
events and trends are also generally intended to identify
forward-looking statements. Forward-looking statements speak only
as of the date on which such statements are made, are not
guarantees of future performance or expectations, and involve risks
and uncertainties. For Ampco-Pittsburgh, these risks and
uncertainties include, but are not limited to, those described
under Item 1A, Risk Factors, of Ampco-Pittsburgh’s Annual Report on
Form 10-K. In addition, there may be events in the future that we
are not able to predict accurately or control which may cause
actual results to differ materially from expectations expressed or
implied by forward-looking statements. Except as required by
applicable law, we assume no obligation, and disclaim any
obligation, to update forward-looking statements whether as a
result of new information, events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170614006163/en/
Ampco-Pittsburgh CorporationMelanie L. Sprowson,
412-429-2454Director, Investor Relationsmsprowson@ampcopgh.com
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