Lydall Forms New Thermal/Acoustical Solutions Segment
August 30 2017 - 9:00AM
LYDALL, INC. (NYSE:LDL) today announced plans to form Lydall
Thermal/Acoustical Solutions through the combination of its
existing Thermal/Acoustical Metals and Thermal/Acoustical Fibers
businesses. Scott M. Deakin, Lydall’s Executive Vice
President and Chief Financial Officer, will transition out of his
current role and serve as President of Lydall Thermal/Acoustical
Solutions going forward. Lydall has launched an external
search for Scott’s replacement; in the interim, he will continue to
serve as Chief Financial Officer until his successor is named.
As demands for the engineered management of
noise, heat, vibration and harshness increase across automotive and
industrial platforms globally, it is critical that Lydall continues
to best position its comprehensive product offering to solve
customer problems in these attractive markets. Further
aligning our complementary businesses will allow us to better serve
customers, leverage operating disciplines, and drive efficiencies
across our global operations.
Through the balance of the Third Quarter of
2017, the Company will further define the global structure and
strategies of the Thermal/Acoustical Solutions business. The
Company expects to begin reporting as a single consolidated segment
starting in fiscal year 2018.
Dale G. Barnhart, President and CEO said,
“Consolidating Thermal/Acoustical Metals and Thermal/Acoustical
Fibers will enable Lydall to better leverage our global assets,
human talent and operational efficiencies, which will generate
synergies and result in an improved cost position to the benefit of
our customers and shareholders. Scott’s demonstrated
leadership within Lydall, coupled with his previous general
management roles, make him the ideal person to lead the combined,
world-class organization. Having a demonstrated blend of
strategic, financial and operational skills will enable Scott to
lead the unification of the businesses.”
“I am very excited to lead this combined, global
organization,” said Deakin. “Lydall Thermal/Acoustical
Solutions will have the unique capability of providing a broad
suite of highly engineered thermal and acoustical products to
better serve our customers. We fully expect to further
improve our effectiveness and positioning in the industry through
our consolidation of these complementary businesses.”
Lydall, Inc. is a New York Stock Exchange listed
company, headquartered in Manchester, Connecticut with global
manufacturing operations producing specialty engineered products
for the thermal/acoustical and filtration/separation markets. For
more information, visit http://www.lydall.com. Lydall® is a
registered trademark of Lydall, Inc. in the U.S. and other
countries.
Cautionary Note Concerning
Forward-Looking Statements
This press release contains “forward-looking
statements” within the Private Securities Litigation Reform Act of
1995, including statements about the planned consolidation of the
Company’s current thermal/acoustical businesses and the future
leadership and prospects of the consolidated thermal/acoustical
solutions segment. Any statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements. All such forward-looking
statements are intended to provide management’s current
expectations for the future operating and financial performance of
the Company based on current expectations and assumptions relating
to the Company’s business, the economy and other future
conditions. Forward-looking statements generally can be
identified through the use of words such as “believes,”
“anticipates,” “may,” “should,” “will,” “plans,” “projects,”
“expects,” “expectations,” “estimates,” “forecasts,” “predicts,”
“targets,” “prospects,” “strategy,” “signs,” and other words of
similar meaning in connection with the discussion of future
operating or financial performance. Because forward-looking
statements relate to the future, they are subject to inherent
risks, uncertainties and changes in circumstances that are
difficult to predict. Such risks and uncertainties which
include, among others, worldwide economic or political changes that
affect the markets that the Company’s businesses serve which could
have an effect on demand for the Company’s products and impact the
Company’s profitability, execution of restructuring programs,
disruptions in the global credit and financial markets, including
diminished liquidity and credit availability, changes in
international trade agreements, including tariffs and trade
restrictions, foreign currency volatility, swings in consumer
confidence and spending, unstable economic growth, raw material
pricing and supply issues, fluctuations in unemployment rates,
retention of key employees and the recruitment of a new chief
financial officer, increases in fuel prices, and outcomes of legal
proceedings, claims and investigations. Accordingly, the
Company’s actual results may differ materially from those
contemplated by these forward-looking statements. Investors,
therefore, are cautioned against relying on any of these
forward-looking statements. They are neither statements of
historical fact nor guarantees or assurances of future
performance. Additional information regarding the factors
that may cause actual results to differ materially from these
forward-looking statements is available in Lydall’s filings with
the Securities and Exchange Commission, including the risks and
uncertainties identified in Part I, Item 1A - Risk Factors of
Lydall’s Annual Report on Form 10-K for the year ended December 31,
2016.
These forward-looking statements speak only as
of the date of this press release, and Lydall does not assume any
obligation to update or revise any forward-looking statement made
in this press release or that may from time to time be made by or
on behalf of the Company.
For further information:
David D. Glenn
Vice President, Corporate Development
and Investor Relations
Telephone 860-646-1233
Facsimile 860-646-4917
info@lydall.com
www.lydall.com
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