|(United States Of America)|
AGY Holding Corp., a Delaware corporation, and KAGY Holding Company, a Delaware corporation and the direct parent company of AGY (“KAGY,” and together with AGY, the “Companies”), announced that, effective July 9, 2013, Drew Walker has been named President & Chief Executive Officer of each of the Companies.
Since joining the Companies in 2005, Mr. Walker has served as Vice President of Sales and Marketing and, most recently, as President. He will be able to draw on his 20 plus years of experience in the specialty materials sector to lead the organization with a true understanding of our customers’ needs.
“I enjoyed my time at AGY and was continually impressed with the dedication and quality of the entire AGY management team.”
Over the past 18 months, Richard Jenkins of Alvarez & Marsal has served as our Interim Chief Executive Officer. During this timeframe, we have made significant progress improving our operating platform, creating better coordination between production planning and our customers’ expectations and increasing the focus on quality in our manufacturing processes.
In connection with his departure, Mr. Jenkins commented, “I enjoyed my time at AGY and was continually impressed with the dedication and quality of the entire AGY management team.” We are thankful for the energy and leadership provided by Mr. Jenkins and wish him well in his future endeavors.
Also effective July 9, 2013, Jay Ferguson has been named Chief Financial Officer of each of the Companies on a permanent basis. He has been serving as our Interim Chief Financial Officer for the past 14 months. Mr. Ferguson has over 30 years of experience, including 20 years with General Electric and 9 years serving various portfolio companies of private-equity-owned organizations.
The past 18 months have been busy ones for us and we are thrilled with the outcome. We have improved operations, installed a strong and energized management team and significantly reduced our debt levels. As a result, we believe that are well positioned to further develop new products, grow our business and pursue our strategy to be a world-class provider of advanced materials.
n this regard, Mr. Walker added, “As I mentioned last week, our restructuring coupled with the establishment of our permanent management team marks the rebirth of a 50-year-old American manufacturing business with a globally recognized brand. We make our customers’ products lighter, faster and stronger, and the restructuring creates a strong platform for growth in our key Aerospace and Defense, Specialty Electronics and Industrial markets.”
AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. AGY serves a diverse range of markets including the following: aerospace and defense (the“A&D” business); electronics; and construction, continuous filament mat (“CFM”) and industrial markets (the “G&I” business). Headquartered in Aiken, South Carolina, AGY has a sales office in Lyon, France and two manufacturing facilities in the US, located in Aiken, South Carolina and Huntingdon, Pennsylvania, respectively, and, until closing of a pending divestiture transaction, a controlling interest in a manufacturing facility in Shanghai, China.
AGY Holding Corp
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