Werner Co. Names Chief Executive Officer and Announces Signing of Letter of Intent To Purchase Assets of Green Bull Ladder
Aug 7, 2007
GREENVILLE, Pa., Aug. 7 /PRNewswire/ -- Werner Co. announced today that it has named William T. Allen as Chief Executive Officer of the company to succeed Interim CEO James L. Loughlin, Jr. Mr. Allen formally assumed the CEO responsibilities on August 6, 2007.
"Bill Allen is an outstanding executive with extensive experience in managing businesses and providing leadership to manufacturing operations for over 30 years," said Stephen H. Deckoff, Chairman of the Board of Werner. "We are very excited to have Bill join our management team. We also want to thank Jim Loughlin for his commitment and service to the company during the last year."
Mr. Allen has recently been engaged as the Chief Executive Officer of a $500 million contract manufacturer. He has also held numerous leadership and CEO positions in various mid-sized companies, including those with manufacturing operations in Mexico. "Bill will provide invaluable experience as Werner completes its transition to its Juarez, Mexico manufacturing facilities," said Mr. Deckoff. Mr. Allen has also worked in the nuclear power, oil/petrol-chemical, automotive, industrial equipment, steel fabrication and plastic injection molding industries.
In addition, Werner Co. announced today that it entered into a letter of intent to purchase substantially all of the assets of Green Bull Ladder Company and certain affiliates. The transaction is expected to close within the next few months and it is intended that post-closing, Green Bull will be operated as a separate, stand-alone division of Werner.
"Green Bull Ladder has provided the commercial and professional end-user with quality products since 1979. They have grown to become a key supplier of climbing products to the industrial market and share Werner's commitment to the professional customer. This acquisition is consistent with Werner's strategic growth plans," said Ed Gericke, president of Werner. According to Tom Greco, president of Green Bull, "This transaction offers Green Bull the opportunity to align with the industry leader in climbing equipment and continue to strengthen our position with the professional end-user."
The addition of Bill Allen and the Green Bull transaction demonstrates Werner's shareholders' commitment to support its strategy to continue to improve the company's service and performance levels.