CUDAHY, Wis., June 11 /PRNewswire-FirstCall/ --
Ladish Co., Inc. (Nasdaq: LDSH) (http://www.ladishco.com) announces that today a new
Board of Directors has been elected. The new Board includes Lawrence W.
Bianchi, James C. Hill, Leon A. Kranz, J. Robert Peart, Bradford T. Whitmore
and Kerry L. Woody. Bradford T. Whitmore is a principal of Grace Brothers,
Ltd. ("Grace") who had proposed an alternative slate of directors. The
structure of the new Board reflects a compromise between the Company's slate
and that of Grace which combines the continuity and knowledge of the business
with added insights. In addition, the new Board has agreed to promptly select
a seventh, independent director and to revoke the Company's 1998 Shareholders'
Rights Plan.
Kerry L. Woody, Ladish President & CEO, said, "We are pleased to have
reached an understanding with Ladish's largest shareholder, Grace, on the
composition of the Company's Board of Directors. With the guidance of this
new Board, we will move forward and continue to focus on the strategic
initiatives that will determine our success, including investments in critical
technologies and the careful balance of cost controls with customer needs."
Ladish Co., Inc. is a leading producer of highly engineered, technically
advanced components for the jet engine, aerospace and general industrial
markets. Ladish is headquartered in Cudahy, Wisconsin with operations in
Wisconsin, Oregon and Connecticut. Ladish common stock trades on Nasdaq under
the symbol LDSH.
This release includes forward-looking statements that are made pursuant to
the safe harbor provisions of the Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected in
them. These risks and uncertainties include, but are not limited to,
anticipated slowdowns in the company's major markets, the impact of
competition, the effectiveness of operational changes expected to increase
efficiency and productivity, worldwide economic and political conditions and
the effect of foreign currency fluctuations.
SOURCE Ladish Co., Inc.
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Related links:
http://www.ladishco.com
Company News On-Call:
http://www.prnewswire.com/comp/131444.html
CONTACT:
Wayne E. Larsen of Ladish Co., Inc.,
+1-414-747-2935, or Fax - +1-414-747-2890; or William J. Libby of
Libby Communications, +1-203-431-8480, or Fax - +1-203-431-6132,
for Ladish Co., Inc.
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