wescast industries inc.
WESCAST ANNOUNCES RESIGNATION OF PRESIDENT AND CEO
BRANTFORD, Ontario, March 12, 2004– Wescast Industries Inc. (Nasdaq:WCST; TSX: WCS.A) today announced that it has accepted the resignation of Raymond T. Finnie as Director and President and Chief Executive Officer, effective March 31, 2004.
The Board of Directors has appointed Edward G. Frackowiak, Executive Chairman, as interim Chief Executive Officer. A search for a replacement President and Chief Executive Officer will commence immediately.
“We wish to thank Mr. Finnie for his contributions over the past 5 years as President of the organization,” said Mr. Frackowiak, Executive Chairman.
About Wescast
Wescast Industries Inc. is the world's largest supplier of exhaust manifolds for passenger cars and light trucks. The Company designs, develops, casts and machines high-quality iron exhaust manifolds for automotive OEMs. Wescastentered the suspension and brake component market through the acquisition of Georgia Ductile in September 2002. The Company’s global sales and design activities are co-ordinated through its technical development centre in Canada and supported by sales and design centres in the United States, Europe and Japan. The Company operates seven production facilities in North America, including a 49% interest in United Machining Inc., an accredited Minority supplier in Michigan. It also has a 50% joint venture interest in Weslin Autoipari Rt., a Hungarian based supplier of cast iron exhaust manifolds and turbo charger housings for the European light vehicle market. The Company is recognized worldwide for its quality products, innovative design solutions and highly committed workforce.
Learn more at www.wescast.com.
Forward Looking Statements
Wescast and its representatives may periodically make written or oral statements that are "forward-looking", including statements included in this news release and in our filings with applicable Securities Commissions and in reports to our stockholders. These statements may be identified by words such as "believe,” "anticipate," "project,” “expect," "intend" or other similar expressions, and include all statements which address operating performance, events or developments that we expect or anticipate may occur in the future (including statements relating to future sales or earnings expectations, volume growth, awarded sales contracts and earnings per share expectations or statements expressing general optimism about future operating results). Such statements involve risks and uncertainties that may cause unanticipated events and actually evolve to be materially different from those either expressed or implied. These factors include, but are not limited to, risks associated with the automotive industry, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated in the forward-looking statements. For more detailed information regarding these risks you may refer to Wescast's publicly filed documents with applicable Canadian securities authorities and the U.S. Securities and Exchange Commission. Wescast undertakes no obligation to update any of these forward-looking statements.
For further information please contact:
Mr. Edward G. Frackowiak
Executive Chairman
Wescast Industries Inc.
(519) 750-0000