SinterCast Annual General Meeting 2014
May 21 2014 - 3:01AM
[Stockholm,
21 May 2014] - The SinterCast AB (publ) Annual General
Meeting (AGM) was held on 20 May 2014 in Stockholm. During
the AGM, presentations were provided by Mr Raffaele De Vivo,
President of VM Motori North America, and by Dr Steve Dawson,
President & CEO. The recorded presentations will be
available on the SinterCast website on or before Monday 26 May.
Mr De Vivo provided a warm and
insightful introduction to VM Motori and its recent assimilation
into the Fiat Group. He then provided an overview of the
production experience and performance of the VM Motori 3.0 litre V6
diesel engine with a SinterCast-CGI bedplate and cylinder
block. Mr De Vivo noted that the VM Motori diesel is one of
the most versatile engines in the market, satisfying the need for
power and refinement in luxury applications such as the Maserati
Ghibli and Lancia Thema; the need for low-end torque and fuel
economy in North American Jeep and Ram 1500 pick-up applications;
and, the demands for performance and durability in marine
applications. Mr De Vivo explained the dynamic and
competitive nature of the North American pick-up market, with
Chrysler, Ford and GM all constantly vying for market share, and
provided a positive long-term outlook for the SUV and pick-up
sectors. Mr De Vivo thanked SinterCast and its shareholders
for contributing to VM Motori's receipt of a Wards Ten Best Engine
award and to the VM Motori diesel engine's contribution to helping
Ram become the second best-selling vehicle in North
America.
During the CEO presentation, Dr
Dawson presented an overview of recent market activities and
provided an outlook for SinterCast's potential market
development. Dr Dawson's presentation showed that the
annualised volume has increased by 30% since the last AGM, and that
the average compound annual growth rate since 2007 is more than
20%. Dr Dawson also noted that the components that are
currently in series production have a mature potential of more than
2.5 million Engine Equivalents and that further growth can be
expected from each of the passenger vehicle, commercial vehicle and
industrial power sectors. Dr Dawson presented the design of
the first high volume CGI petrol engine and commented on the
opportunity for a 'follower reaction' in passenger vehicle petrol
and diesel engines. In closing, Dr Dawson confirmed that the
increase in series production, the increased field activities, and
the new installations, have provided a great sense of
accomplishment and satisfaction among the SinterCast employees, and
that all employees shared the longstanding goal of putting millions
of SinterCast-CGI vehicles on the roads.
During the AGM, Hans-Erik
Andersson, Aage Figenschou, Robert Dover, Laurence Vine-Chatterton
and Steve Dawson were re-elected as Board members.
Hans-Erik Andersson was appointed as Chairman. Carina
Andersson and Jason Singer were elected as new Board members.
Ulla-Britt Fräjdin-Hellqvist, after serving as a member of the
Board of Directors since 2002 and as Chairman since 2006, declined
re-election, and was warmly thanked for her many contributions.
The AGM also decided upon the
constitution of the Nomination Committee until the next AGM,
comprised of returning members Karl-Arne Henriksson (Chairman),
Andrea Fessler and Ulla-Britt Fräjdin-Hellqvist. Hans-Erik
Andersson was elected as a new member of the Nomination
Committee.
All of the proposals presented to
the AGM were approved by the shareholders.
For and on behalf of the Board of
Directors:
Steve
Dawson |
President
& CEO |
SinterCast
AB (publ) |
Tel: |
+46 8 660 7750 |
e-mail: |
steve.dawson@sintercast.com |
SinterCast is the world's leading supplier of
process control technology for the reliable high volume production
of Compacted Graphite Iron (CGI). With at least 75% higher tensile
strength, 45% higher stiffness and approximately double the fatigue
strength of conventional grey cast iron and aluminium, CGI allows
engine designers to improve performance, fuel economy and
durability while reducing engine size, weight, noise and emissions.
The SinterCast technology, with 39 installations in 12 countries,
is primarily used for the production of petrol and diesel engine
cylinder blocks and exhaust components for passenger vehicles;
medium-duty and heavy-duty cylinder blocks and heads for commercial
vehicles; and, industrial power engine components for marine, rail,
off-road and stationary engine applications. SinterCast's series
production components range from 2 kg to 9 tonnes, all using the
same proven process control technology. The SinterCast share
is quoted on the Small Cap segment of the Stockholm NASDAQ OMX
stock exchange (Stockholmsbörsen: SINT). For more information:
www.sintercast.com
END
Press Release PDF
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: SinterCast via Globenewswire
HUG#1787373
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