Exhibit 99.02
For Immediate Release
SL INDUSTRIES, INC. ANNOUNCES APPOINTMENT OF JAMES C. TAYLOR AS
PRESIDENT AND CHIEF EXECUTIVE OFFICER
MT. LAUREL, NEW JERSEY, AUGUST 15, 2005 - SL INDUSTRIES, INC. (AMEX & PHLX:
SLI) announced today that James C. Taylor has been named President and Chief
Executive Officer. Mr. Taylor formerly served as the company's Chief Operating
Officer and Executive Vice President. The company also announced that Warren
Lichtenstein, who had been serving as both Chairman and Chief Executive Officer,
will continue as Chairman, and that Glen M. Kassan, who had been President, will
become Vice Chairman.
"We are delighted that Jim Taylor will be assuming the responsibilities of
President and Chief Executive Officer," stated Warren Lichtenstein. "Jim made a
significant contribution to SL Industries' turnaround as Chief Operating
Officer, and we believe he is the ideal individual to lead this company on a
day-to-day basis."
Mr. Taylor stated, "I appreciate the confidence that the board has placed in me,
and look forward to building upon the positive changes that have taken place
over the past three years under Warren Lichtenstein's leadership."
Mr. Lichtenstein, who is also the managing member of Steel Partners II L.P., one
of SL Industries' largest investors, said that the turnaround at SL Industries
demonstrates how Steel Partners is able to build shareholder value and provide
positive leadership to its portfolio companies.
"We have been investors in SL Industries since 1991, and I served as a director
from 1993 to 1997 and again from 2002 to the present. When we conducted our
proxy contest at the end of 2001, we said that we believed that SL Industries
had tremendous potential that was being stifled by weak corporate management and
an ineffective board. We said that if given the opportunity, we would
demonstrate what could be accomplished on behalf of the shareholders. Since that
time we recruited talented new management and have added strong, independent
directors to the board. The results speak for themselves. Today, SL Industries
businesses are recognized among the leaders in their markets, and the price of
the Company's stock has increased to $17.95 a share, as of the closing of the
market on August 10, 2005, from a closing price of $7.45 a share as of January
22, 2002, when the shareholder vote regarding the proxy contest took place," Mr.
Lichtenstein added.
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
