Magnetek, Inc. Announces Management Change
MENOMONEE FALLS, Wis. - September 24, 2008 - Magnetek, Inc. (“Magnetek” or “the Company,” NYSE: MAG) today announced the appointment of Peter McCormick as President and Chief Executive Officer effective October 31, 2008. Mr. McCormick will succeed David Reiland who will retire from his responsibilities as President and Chief Executive Officer at Magnetek, but will remain on the Company’s Board of Directors. Mr. McCormick has been Executive Vice President and Chief Operating Officer of Magnetek since November 2006 and was the Executive Vice President responsible for the Company’s Power Control Systems Group from 2002 to November 2006. Mr. McCormick joined the Company in 1993.
“We would like to thank Dave for his leadership in returning Magnetek to financial stability and profitability subsequent to the divestiture of our Power Electronics Group in 2006. The Company is now debt-free with solid market positions and excellent growth prospects. We are pleased that Dave will be remaining on our Board,” said Mitchell Quain, Magnetek’s Chairman of the Board. “We are fortunate to have a capable and experienced successor in Pete, who successfully led Magnetek’s Power Control Systems Group for a number of years. His knowledge of and experience without products, market and operations will be instrumental as we pursue our growth strategy.”
Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving and energy delivery. The Company is headquartered in Menomonee Falls, Wis. in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, PA; Canonsburg, PA; and Mississauga, Ontario, Canada, as well as Menomonee Falls. On August 13, 2008, the Company reported revenues of $100 million for its 2008 fiscal year, which ended June 29, 2008.
Director, Marketing Communications
This new release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” or “estimates” or words of similar meaning. Similarly, statements that describe future plans, objectives, outlooks, targets, guidance or goals are also forward-looking statements. These forward-looking statements are based on the Company’s expectations and are subject to risks and uncertainties that cannot be predicted or quantified and are beyond the Company’s control. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. These include, but are not limited to, economic conditions in general, business conditions, competitive factors such as pricing and technology, risks associated with acquisitions and divestitures, legal proceedings and the risk that the Company’s ultimate costs doing business exceed present estimates. Other factors that could cause actual results to differ materially from expectations are described in the Company’s reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act 1934.