AMCAST INDUSTRIAL CORPORATION
NEWS RELEASE
AMCAST ANNOUNCES MANAGEMENT CHANGE
DAYTON, OHIO, July 15, 2003 - Amcast Industrial Corporation (AICO.OB) today
announced that Joseph R. Grewe, who has served since April 8, 2002 as the
Company's President and Chief Operating Officer, and as a member of the Board of
Directors, has been elected to the position of Chief Executive Officer effective
immediately.
Byron Pond, who has served as Chairman of the Board and Chief Executive will
remain as Chairman. Mr. Pond's contract terminates in February 2004. He has
advised the Board that he is willing to continue to serve beyond that date if
they so desire.
In commenting on the management change, Mr. Pond said, "This leadership change
is consistent with the Board's succession plan that was developed when I joined
the company in 2001. The timing of the change will allow a smooth transition of
the Chief Executive Officer's responsibilities prior to the expiration of my
employment agreement in February 2004. Joe has demonstrated his strategic,
operational and leadership capabilities during the past fifteen months, and the
Board is confident that he is fully qualified to assume the responsibilities of
the Chief Executive Officer at this time."
In accepting his new role, Mr. Grewe stated, " I appreciate the vote of
confidence from the Board of Directors. The past fifteen months has been a very
challenging period for the Amcast organization, and while we are pleased to have
achieved many of our objectives during the period, there is still a lot of work
to do before the Amcast turnaround is complete. The Engineered Products division
has gained substantial
momentum and is now operating at very competitive levels and we are grateful for
the patience shown by our customers, the support of our many suppliers and the
loyalty of our associates during this time. Now, we shall be focusing on an
aggressive restructuring of the company's Flow Control business where the
marketplace has changed significantly. I look forward to working with my
associates while carrying on with the many improvement initiatives that Mr. Pond
launched during his tenure as CEO."
A spokesperson for the Board stated, "The Board appreciates the high degree of
teamwork and effectiveness that the senior management has demonstrated as they
have successfully guided the company through some of the most difficult
situations in its long history. They have charted and launched bold new
strategies for the company, and we have full confidence that Joe will continue
to achieve the same level of progress that Byron demonstrated during his tenure
as Chief Executive Officer. We are also pleased that Byron has agreed to remain
as Chairman of the Board for the foreseeable future. This bodes well for the
company and all of its stakeholders."
Amcast Industrial Corporation is a leading manufacturer of technology-intensive
metal products. Its two business segments are brand name Flow Control Products
marketed through national distribution channels and Engineered Components for
original equipment manufacturers. The company serves the automotive,
construction, and industrial sectors of the economy.
This release includes "forward-looking statements" which are subject to change
based on various factors and uncertainties that may cause actual results to
differ significantly from expectations. These factors include, among others:
general economic conditions less favorable than expected, fluctuating demand in
the automotive and housing industries, price pressures in the Company's
automotive and flow control businesses, effectiveness of production improvement
plans, inherent uncertainties in connection with international transactions and
foreign currency fluctuations, and labor availability and relations at the
company and its customers, and the impact of war with Iraq and homeland security
measures.
Contact--
Media and Investors: Michael Higgins 937/291-7015