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LADISH CO., INC.
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
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ISS Recommends Shareholders Vote FOR Ladish's Board Nominees
Nation's Leading Voting Advisory Firm
Determines Ladish's Board Is Working In The Best Interest of Shareholders
Cudahy, WI, May 27, 2003 - Ladish Co., Inc. (www.ladishco.com) (Nasdaq: LDSH)
today announced that Institutional Shareholder Services Inc. (ISS) recommends
that shareholders vote FOR Ladish's director nominees and reject Grace
Brothers' attempt to take control of the Company at Ladish's Annual Meeting of
Shareholders on June 6, 2003. ISS, widely recognized as the nation's leading
independent proxy voting and corporate governance advisory firm, provides
analyses and voting recommendations to hundreds of institutional investors,
mutual funds and fiduciaries.
In its May 23, 2003 analysis, ISS noted that:
"With respect to governance, the board is composed of a majority of
independent directors. It appears that the board is working in the
best interests of shareholders."
"...based on management's strategy, it appears that the company is
positioned in the right direction during a low point in the
industry. For example, management's initiatives on cost reduction
and international expansion have the potential to ensure
profitability for the company."
"...Grace Brothers already has proportional representation on the
board with respect to their 30 percent equity stake in the
company."
"Grace Brothers has no specific plan for the company..."
Ladish also won a high overall corporate governance rating from the advisory
firm: ISS determined that the company "outperformed 92.1% of the companies in
the Russell 3000 and 87.9% of the companies in the Capital Goods group."
Kerry L. Woody, President and Chief Executive Officer of Ladish, said, "We are
very pleased that ISS, a highly respected and truly independent advisory firm,
supports Ladish's director nominees. This recommendation reaffirms our belief
that Ladish's Board of Directors is the best team to lead the company through
this industry downturn and capitalize on future growth opportunities. We look
forward to the ability to more fully focus on our plans for growing our
business and delivering on Ladish's potential for the benefit of all Ladish
shareholders."
The Board of Directors urges Ladish shareholders to vote FOR Ladish's director
nominees on Ladish's WHITE proxy card and to discard Grace Brothers' green
proxy card.
Ladish shareholders who have questions or need assistance voting their shares
can call the company's proxy solicitor, Innisfree M&A Incorporated, toll-free
at (888) 750-5834. Banks and brokers can call collect at (212) 750-5833.
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The company and certain other persons may be deemed participants in the
solicitation of proxies from shareholders in connection with the company's
2003 Annual Meeting of Shareholders. Information concerning such participants
is available in the company's Proxy Statement filed with the Securities and
Exchange Commission on April 2, 2003. Shareholders are advised to read the
company's Proxy Statement and other relevant documents when they become
available, because they contain or will contain important information.
Shareholders may obtain, free of charge, copies of the company's Proxy
Statement and any other documents filed by the company with the SEC in
connection with the 2003 Annual Meeting of Shareholders at the SEC's website
at (http://www.sec.gov) or by contacting the company at the number listed
below.
Certain statements made in this press release and other written or oral
statements made by or on behalf of the company may constitute "forward-looking
statements" within the meaning of the federal securities laws. Statements
regarding future events and developments and the company's future performance,
as well as management's expectations, beliefs, intentions, plans, estimates or
projections relating to the future, are forward-looking statements within the
meaning of these laws. Management believes that these forward-looking
statements are reasonable; however, you should not place undue reliance on
such statements. These statements are based on current expectations and speak
only as of the date of such statements. The company undertakes no obligation
to publicly update or revise any forward-looking statement, whether as a
result of future events, new information or otherwise. Among the factors that
might impact the company's performance are market conditions and demand for
the company's products; competition; interest rates and capital costs;
technologies; continued impact upon the commercial aerospace industry from the
September 11, 2001 terrorist attacks; raw material and energy prices; unstable
governments and business conditions in emerging economies; taxes; and legal,
regulatory and environmental issues. These and other important risk factors
regarding the company are included under the caption "Forward Looking
Statements" in the company's Annual Report on Form 10-K for the year ended
December 31, 2002 and may be discussed in subsequent filings with the SEC.
Ladish Co., Inc. is a leading producer of highly engineered, technically
advanced components for the jet engine, aerospace and general industrial
markets. Ladish is headquartered in Cudahy, Wisconsin with operations in
Wisconsin, Oregon and Connecticut. Ladish common stock trades on Nasdaq under
the symbol LDSH.
Contacts:
Ladish Co., Inc.
Wayne E. Larsen
(414) 747-2935
Joele Frank, Wilkinson Brimmer Katcher
Judy Wilkinson/Barrett Godsey
(212) 355-4449