CSW Industrials Announces Plans to Expand its Board of Directors
July 06 2016 - 12:40PM
CSW Industrials, Inc. (the “Company”) (NASDAQ:CSWI), a diversified
industrial growth company with well-established, scalable platforms
and domain expertise across three segments: Industrial Products;
Coatings, Sealants & Adhesives; and Specialty Chemicals, today
announced its plan to add two new independent directors to its
Board of Directors, which would expand the Board to a total of
seven members.
Robert M. Swartz, lead independent director of
the Company’s Board of Directors and Chairman of its Nominating and
Corporate Governance Committee, said, “Since its successful
spin-off from Capital Southwest Corporation in September of last
year, the Company has made meaningful progress toward integrating
and aligning the leadership of the spun-off businesses along
operating segment lines and in building-out the infrastructure
required for a stand-alone public company. Our plan was always to
expand the Board after completing the spin-off, and we believe now
is the right time to do so.”
Swartz continued, “We will conduct a careful,
thoughtful search process to identify director candidates who
possess the requisite skills and experience needed to assist in
executing the Company’s strategic growth plans.
“While we have not committed to any particular
criteria for these individuals, we believe the Board would be well
served by additional members who offer significant strategic
acquisition and financial expertise and relevant industry
experience and contacts. We expect to engage a
nationally-recognized executive search firm to assist in this
process and hope to identify two candidates for appointment to the
Board in the near-term.”
Joseph B. Armes, CSW Industrials’ Chairman and
Chief Executive Officer, added, “We believe that the Company has
made significant progress in its first fiscal year, unlocking
significant stockholder value through the spin-off and further
positioning the Company to deliver profitable growth for the
benefit of all stockholders. We are nearing completion of our
strategic planning process, which we expect to inform our director
search. We believe we have only begun to exploit our opportunities
to create value, and the planned expansion of the Board is another
positive step forward, increasing available resources and offering
additional skills and perspectives to support the further
development and execution of our growth strategy.”
About CSW Industrials CSWI
is a diversified industrial growth company with well-established,
scalable platforms and domain expertise across three segments:
Industrial Products; Coatings, Sealants & Adhesives; and
Specialty Chemicals. CSWI’s broad portfolio of leading products
provides performance optimizing solutions to its customers. CSWI’s
products include mechanical products for heating, ventilation and
air conditioning (“HVAC”) and refrigeration applications, coatings
and sealants and high performance specialty lubricants. Markets
that CSWI serves include HVAC, general industrial markets, rail car
and locomotive, plumbing, commercial construction, oil and gas,
mining, electrical, steel and transportation.
Safe Harbor StatementThis press
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, as amended. Words or phrases such as "may," "should,"
"expects," "could," "intends," "plans," "anticipates," "estimates,"
"believes," "forecasts," "predicts" or other similar expressions
are intended to identify forward-looking statements, which include,
without limitation, earnings forecasts, statements relating to our
business strategy and statements of expectations, beliefs, future
plans and strategies and anticipated developments concerning our
industry, business, operations and financial performance and
condition.
The forward-looking statements included in this
press release are based on our current expectations, projections,
estimates and assumptions. These statements are only predictions,
not guarantees. Such forward-looking statements are subject to
numerous risks and uncertainties that are difficult to predict.
These risks and uncertainties may cause actual results to differ
materially from what is forecast in such forward-looking
statements, and include, without limitation, the factors described
from time to time in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this
press release are based on information currently available to us,
and we assume no obligation to update any forward-looking statement
except as may be required by law.
Investor Contact:
Michael Callahan
ICR, Inc.
Michael.Callahan@icrinc.com | 203-682-8311
Media Contacts:
Phil Denning or Jason Chudoba
ICR, Inc.
Phil.Denning@icrinc.com | 646-277-1258, Jason.Chudoba@icrinc.com | 646-277-1249
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