Exhibit 99.01
SL INDUSTRIES, INC. ANNOUNCES APPOINTMENT OF EUGENE J. RUDDY AS PRESIDENT OF
CONDOR D.C. POWER SUPPLIES, INC.
Thursday August 4, 11:48 am ET
MT. LAUREL, N.J.--(BUSINESS WIRE)--Aug. 4, 2005--SL INDUSTRIES, INC. (AMEX &
PHLX:SLI) announced today that it has appointed Eugene J. Ruddy as President of
its wholly owned subsidiary, Condor D.C. Power Supplies, Inc. ("Condor"). Mr.
Ruddy joins Condor from Fadal Machining Centers, where he served as Vice
President and General Manager since 2002. He has 21 years of general management,
engineering and manufacturing experience, including responsibility for
operations in the far east. Mr. Ruddy received a Bachelor of Science degree in
engineering and a Master's degree in business administration from Embry-Riddle
University. As part of Mr. Ruddy's compensation, SL Industries granted him
options to purchase 25,000 shares of its common stock at an exercise price of
$17.01 per share.
In connection with the new leadership at Condor, SL Industries also announced
that Salvatore V. Ronchetti, the former President of Condor, has been named
Executive Vice President of the SL Industries Power Electronics Group. Mr.
Ronchetti will continue to play an instrumental role with the senior management
team on market and product development initiatives.
About SL Industries
SL Industries, Inc. designs, manufactures and markets power electronics, power
motion, power protection, teleprotection and communications equipment and
systems that is used in a variety of medical, aerospace, computer, datacom,
industrial, telecom, transportation and electric power utility equipment
applications. For more information about SL Industries, Inc. and its products,
please visit the Company's web site at WWW.SLINDUSTRIES.COM.
Forward-Looking Statements
This press release contains statements that are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on current expectations, estimates and projections
about the Company's business based, in part, on assumptions made by management.
These statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or forecasted
in such forward-looking statements due to numerous factors, including the
following: the effectiveness of the cost reduction initiatives undertaken by the
Company, changes in demand for the Company's products, product mix, the timing
of customer orders and deliveries, the impact of competitive products and
pricing, constraints on supplies of critical components, excess or shortage of
production capacity, difficulties encountered in the integration of acquired
businesses and other risks discussed from time to time in the Company's filings
and reports with the Securities and Exchange Commission. In addition, such
statements could be affected by general industry and market conditions and
growth rates, and general domestic and international economic conditions. Such
forward-looking statements speak only as of the date on which they are made, and
the Company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this release.
CONTACT:
SL Industries, Inc.
David R. Nuzzo, 856-727-1500, ext. 5515
Facsimile: 856-727-1683
DAVID.NUZZO@SLINDUSTRIES.COM
