MANCHESTER, Conn., Aug. 30, 2017 (GLOBE NEWSWIRE) — LYDALL, INC. (NYSE:LDL) today announced plans to form Lydall Thermal/Acoustical Solutions through the combination of its existing Thermal/Acoustical Metals and Thermal/Acoustical Fibers businesses. Scott M. Deakin, Lydall’s Executive Vice President and Chief Financial Officer, will transition out of his current role and serve as President of Lydall Thermal/Acoustical Solutions going forward. Lydall has launched an external search for Scott’s replacement; in the interim, he will continue to serve as Chief Financial Officer until his successor is named.
As demands for the engineered management of noise, heat, vibration and harshness increase across automotive and industrial platforms globally, it is critical that Lydall continues to best position its comprehensive product offering to solve customer problems in these attractive markets. Further aligning our complementary businesses will allow us to better serve customers, leverage operating disciplines, and drive efficiencies across our global operations.
Through the balance of the Third Quarter of 2017, the Company will further define the global structure and strategies of the Thermal/Acoustical Solutions business. The Company expects to begin reporting as a single consolidated segment starting in fiscal year 2018.
Dale G. Barnhart, President and CEO said, “Consolidating Thermal/Acoustical Metals and Thermal/Acoustical Fibers will enable Lydall to better leverage our global assets, human talent and operational efficiencies, which will generate synergies and result in an improved cost position to the benefit of our customers and shareholders. Scott’s demonstrated leadership within Lydall, coupled with his previous general management roles, make him the ideal person to lead the combined, world-class organization. Having a demonstrated blend of strategic, financial and operational skills will enable Scott to lead the unification of the businesses.”
“I am very excited to lead this combined, global organization,” said Deakin. “Lydall Thermal/Acoustical Solutions will have the unique capability of providing a broad suite of highly engineered thermal and acoustical products to better serve our customers. We fully expect to further improve our effectiveness and positioning in the industry through our consolidation of these complementary businesses.”
Lydall, Inc. is a New York Stock Exchange listed company, headquartered in Manchester, Connecticut with global manufacturing operations producing specialty engineered products for the thermal/acoustical and filtration/separation markets. For more information, visit http://www.lydall.com. Lydall® is a registered trademark of Lydall, Inc. in the U.S. and other countries.
Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995, including statements about the planned consolidation of the Company’s current thermal/acoustical businesses and the future leadership and prospects of the consolidated thermal/acoustical solutions segment. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future operating and financial performance of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future operating or financial performance. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties which include, among others, worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and impact the Company’s profitability, execution of restructuring programs, disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, foreign currency volatility, swings in consumer confidence and spending, unstable economic growth, raw material pricing and supply issues, fluctuations in unemployment rates, retention of key employees and the recruitment of a new chief financial officer, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, the Company’s actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Lydall’s filings with the Securities and Exchange Commission, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Lydall’s Annual Report on Form 10-K for the year ended December 31, 2016.
These forward-looking statements speak only as of the date of this press release, and Lydall does not assume any obligation to update or revise any forward-looking statement made in this press release or that may from time to time be made by or on behalf of the Company.
CONTACT: For further information: David D. Glenn Vice President, Corporate Development and Investor Relations Telephone 860-646-1233 Facsimile 860-646-4917 email@example.com www.lydall.com
Source: Nasdaq Automotive News