Ferro Elects Perry W. Premdas to Board of Directors
CLEVELAND, Ohio – February 23, 2007 – Ferro Corporation (NYSE: FOE) announced today that it has elected Perry W. Premdas to its Board of Directors. Subject to formal confirmation of his “independence” under the Board’s independence guidelines, the Board also appointed Mr. Premdas to serve on its audit and finance committees. The election increases the number of members of Ferro’s Board to ten.
In addition, Alberto Weisser, a member of Ferro’s Board of Directors since 2000, has informed the Company that he will retire from the Board when his current term expires at the Company’s 2007 Annual Meeting, due to the time demands of other business obligations.
From 1999 to 2004, Mr. Premdas served as the chief financial officer and a member of the Board of Management of Celanese AG, a worldwide leader in chemical products, acetate fiber, technical polymers and performance products headquartered in Germany. From 1976 to 1998, Mr. Premdas held management and financial positions of increasing responsibility with Celanese Corporation and Hoechst AG including chief financial officer roles at Hoechst Celanese Corporation and Centeon LLC. Mr. Premdas is also a director of Compass Minerals International, Inc.
Mr. Premdas holds a Master in Business Administration degree from the Harvard Business School and a Bachelor of Arts degree from Brown University.
“We are very pleased to have Perry join our Board and provide us the benefits of his strong financial background and international experience,” said Ferro Chairman, President and Chief Executive Officer James Kirsch. “I am excited to have the opportunity to utilize his wisdom and guidance in order to help Ferro in our pursuit of winning.”
About Ferro Corporation
Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products.
Headquartered in Cleveland, Ohio, the Company has approximately 6,800 employees globally and reported 2005 sales of $1.9 billion.
Cautionary Note on Forward-Looking Statements
Certain statements in this Ferro press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company’s operations and business environment, which are difficult to predict and often beyond the control of the Company. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company’s future financial performance, include the following:
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We depend on reliable sources of raw materials and other supplies at a reasonable cost, but availability of such materials and supplies could be interrupted and/or the prices charged for them could escalate.
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The markets in which we participate are highly competitive and subject to intense price competition.
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We are striving to improve operating margins through sales growth, price increases, productivity gains and improved purchasing techniques, but it may not be successful in achieving the desired improvements.
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We are engaged in restructuring programs to improve manufacturing efficiency and reduce costs. If we are not successful in the execution of our restructuring programs we will not realize the expected cost savings.
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Our products are sold into industries where demand is unpredictable, cyclical or heavily influenced by consumer spending.
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The global scope of our operations exposes the Company to risks related to currency conversion and changing economic, social and political conditions around the world.
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We have a growing presence in the Asia/Pacific region where it can be difficult for an American company to compete lawfully with local competitors.
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Regulatory authorities in the U.S., European Union and elsewhere are taking a much more aggressive approach to regulating hazardous materials and those regulations could affect sales of our products.
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Our operations are subject to stringent environmental, health and safety regulations and compliance with those regulations could require us to make significant investments.
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We depend on external financial resources and any interruption in access to capital markets or borrowings could adversely affect our financial condition.
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Interest rates on some of our external borrowings are variable and our borrowing cost could be affected adversely by interest rate increases.
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Many of our assets are encumbered by liens that have been granted to lenders and those liens affect our flexibility in making timely dispositions of property and businesses.
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We are subject to a number of restrictive covenants in its credit facilities and those covenants could affect our flexibility in making investments and acquisitions.
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We have deferred tax assets and our ability to utilize those assets will depend on our future performance.
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We are a defendant in several lawsuits that could have an adverse effect on our financial condition and/or financial performance, unless they are successfully resolved.
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Our businesses depend of a continuous stream of new products and failure to introduce new products could affect our sales and profitability.
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Employee benefit costs, especially post-retirement costs, constitute a significant element of our annual expenses, and funding these costs could adversely affect our financial condition.
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We are exposed to risks associated with acts of God, terrorists and others, as well as fires, explosions, wars, riots, accidents, embargos, natural disasters, strikes and other work stoppages, quarantines and other governmental actions, and other events or circumstances that are beyond the Company’s reasonable control.
Additional information regarding these risk factors can be found in the Company’s Annual Report on Form 10-K for the period ended December 31, 2005.
The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on the Company’s business, financial condition and results of operations.
This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
MEDIA CONTACT: Mary Abood Director, Corporate Communications, Ferro Corporation Phone: 216-875-6202 E-mail:aboodm@ferro.com
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