Autoclave Engineers appoints Michael Doyle as president and chief executive officer; Levinson family interests sell 220,000 shares back to the company.YORBA LINDA Yorba Linda (yôr`bə lĭn`də), city (1990 pop. 52,422), Orange co., S Calif., in a region of citrus fruit; inc. 1967. The city has grown tremendously along with the southern California area; its population increased fivefold between , Calif.--(BUSINESS WIRE)--Sept. 28, 1995--Autoclave Engineers Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACLV ACLV Accrued Leave ACLV Across-Chip Linewidth Variation (semi conductor manufacturing) ) today announced that Michael J. Doyle, 43, has been named as its president and chief executive officer, replacing William F. Schilling, 53, who resigned from the company as part of a planned and previously announced restructuring. Gary N. Patten, 48, was named chief financial officer and secretary, replacing Thomas C. Guelcher, 56, who also resigned from the company as part of the restructuring. Doyle is currently the president and chief executive officer of Unit Instruments Inc., the company's sole operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . Patten is currently the chief financial officer of Unit Instruments. He joined Unit in June 1995 from Optical Radiation Corp., where he also served as chief financial officer and secretary before it was acquired by Benson Eyecare in 1994. As part of the company's divestiture strategy and intent to focus solely on the semiconductor equipment industry through the Unit operations Unit operations A structure of logic used for synthesizing and analyzing processing schemes in the chemical and allied industries, in which the basic underlying concept is that all processing schemes can be composed from and decomposed into a series of , the Board of Directors has been reduced from 10 to five members. Current directors include James C. Levinson, chairman, A. Wade Blackman Jr. and Michael Doyle and newly appointed members George Boyadjieff, 55, and Edward Rogas Jr., 55. Separately, the company announced that the Levinson family interests sold 220,000 shares back to ACLV at the share price of $11-3/4, also as part of the previously announced restructuring plan. The Levinson family interests currently hold 510,000 shares of ACLV, or 12.5% of the outstanding stock, following the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. by the company. "With these changes, ACLV has nearly completed its successful restructuring and is poised to capitalize on the numerous opportunities in the semiconductor equipment manufacturing business," said Levinson. "Our new management and board members will provide the depth of experience and background necessary to succeed in this rapidly growing industry. In November 1995, shareholders will vote to change the name of the company to Unit Instruments and, if approved, the company will also seek to revise its stock symbol to reflect the new name." Doyle co-founded Unit Instruments in 1980 and grew the company to its current position as a leading manufacturer of mass flow controllers (MFCs). Prior to starting Unit, Doyle was a research and development engineer at Thermco Products Corporation. He has a Bachelors degree from Loyola University of Los Angeles and an M.B.A. from California State University, Fullerton California State University, Fullerton, commonly known as CSUF, CSU Fullerton, or Cal State Fullerton, is a part of the California State University system. The University is located in the city of Fullerton, California, in northern Orange County. , and is the holder of three U.S. patents. Patten served as chief financial officer and secretary of Optical Radiation Corp., a publicly traded, diversified manufacturer of sophisticated medical devices and consumer eyeware products from 1986 to 1995. Prior to joining Optical Radiation, he was chief financial officer and secretary at Sierracin Corp., a high technology manufacturer of aerospace, electronic and industrial products. Patten holds a Bachelor of Science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies from California State University, Northridge CSUN offers a variety of programs leading to bachelor's degrees in 61 fields and master's degrees in 42 fields. The university has over 150,000 alumni. It's also home to a summer musical theater/theater program known as TADW (TeenAge Drama Workshop) that leads teenagers through an and an M.B.A. from the University of California, Los Angeles UCLA comprises the College of Letters and Science (the primary undergraduate college), seven professional schools, and five professional Health Science schools. Since 2001, UCLA has enrolled over 33,000 total students, and that number is steadily rising. . Boyadjieff, elected a director of the company, is president and chief executive officer of Varco International Inc., a leading manufacturer of products used in the international oil and gas well industry. Boyadjieff has been associated with Varco for 25 years and has served in a variety of technical and executive positions. He is also a director of Varco International Inc. Rogas Jr., elected a director of the company, is vice president of the Semiconductor Test Group of Teradyne Inc., a leading manufacturer of semiconductor, circuit-board and telecommunications test systems. Rogas has served in various management and executive positions at Teradyne since 1976. Unit Instruments Inc., is a leading manufacturer of mass flow controllers (MFCs) and other gas process equipment, critical to the semiconductor manufacturing process. The company provide an extensive line of high performance, accurate and reliable process control products. CONTACT: Autoclave autoclave Vessel, usually of steel, able to withstand high temperatures and pressures. The chemical industry uses various types of autoclaves in manufacturing dyes and in other chemical reactions requiring high pressures. Engineers Inc. Gary Patten, 714/921-2640 or Morgen-Walke Associates Inc. Doug Sherk, Jenifer Kirtland, David Gennarelli, 415/296-7383 Jill Ruja, Ellissa Grabowski, 212/850-5600 |
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