DALLAS, July 15 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX), a Dallas based manufacturing company, announced today that
Chairman and Chief Executive Officer J. L. Jackson has decided to retire. Mr.
Jackson is 66 and has served as Chief Executive Officer of Global since 1993.
Rawles Fulgham, a Director of Global, has been elected Chairman and acting
President and Chief Executive Officer of the Company. A search for Mr.
Jackson's successor is being conducted.
"The recent sale of INTOOL and acquisition of A. P. Green have essentially
completed the strategic positioning of the Corporation that I began some four
years ago," Mr. Jackson said. "Global is now in businesses with significant
industry, market and niche leadership positions. Our refractories and forging
operations are poised for exceptional growth. The A. P. Green acquisition has
established Global as the market leader in a $2.6 billion North American
refractories industry. This consolidation is allowing us to realize
significant economies in our business operations and is allowing us to benefit
from even greater marketplace scope and reach."
"Progress also continues," Mr. Jackson said, "at our Ameri-Forge operation
in Houston where manufacturing capacity continues to grow in the new
undercarriage product line. Global will be the only independent U.S. supplier
for the undercarriage industry. This new venture, coupled with our presence
in the flange market, should provide exciting growth opportunities for Ameri-
Forge for years to come."
"In addition, the recently announced strategic association of CTI and
ANCOR, and the exciting new products introduced by the Processing businesses
also position this segment for profitable growth."
"Having completed this strategic positioning, while providing direction
and growth opportunity for the Company, I now view my leadership role at
Global as complete," Mr. Jackson said.
Global Industrial Technologies is a major manufacturer of technologically
advanced industrial products that support high -- growth markets around the
world.
SOURCE Global Industrial Technologies, Inc.
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fax, 800-758-5804, ext. 422169
CONTACT:
Investors: George Pasley, V. P.
Communications, 214-953-4510 or Media: Larry Nance, Manager,
Corporate Relations/Public Affairs, 214-953-4518, both of Global
Industrial Technologies, Inc.
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