Brush Wellman announces organizational changes, declares dividend and comments on first quarter.CLEVELAND, Ohio--(BUSINESS WIRE)--March 5, 1996--The Board of Directors of Brush Wellman Inc. (NYSE-BW) today announced a series of organizational changes. These changes are consistent with the Company's strategy for attaining its goals for sustained growth, improving productivity and developing a more coordinated approach to managing our environmental, health and safety efforts. Mr. Michael D. Anderson was named Vice President Beryllium Products. Mr. Anderson joined Brush Wellman in 1974, and has held a variety of positions of increasing responsibility, including Director of Sales and Marketing for Ceramic, and Director of Marketing, Beryllium Products. Mr. Andrew J. Sandor was named Vice President of Alloy Technology. Mr. Sandor joined the Company in 1961 and has an extensive background in senior management positions in manufacturing and technology. Most recently, Mr. Sandor had served as Vice President, Operations. Mr. Daniel A. Skoch was named Vice President Administration and Human Resources. Mr. Skoch joined the Company in 1983, and had been Vice President Human Resources since 1991. In his new capacity Mr. Skoch will be responsible for Legal and Environmental, Health and Safety in addition to his previous areas of responsibility, including Human Resources and Medical. The Company also announced the declaration of its regular quarterly dividend of 10 cents a share payable March 29, 1996 to shareholders of record March 18, 1996. Gordon D. Harnett, Chairman, President and Chief Executive Officer of Brush Wellman commented on the outlook for the first quarter. "Business conditions facing the Company have not changed substantially from the fourth quarter 1995. Alloy sales remain strong, and Specialty Metal Strip continues to grow. However, we are seeing some signs of softening in our overseas markets, and Precious Metal Products sales continue to be adversely affected by the redesign of a major microprocessor application in mid-year, 1995. In addition, the production and marketing problems in ceramic products have persisted into the first quarter. Therefore, first quarter 1996 results are likely to show modest improvement from the fourth quarter 1995, but will probably not approach the robust performance of the first quarter last year." During the fourth quarter 1995, Brush Wellman earned 24 cents per share, on sales of $84 million. Mr. Harnett continued, "For the full year, our goals are to continue increasing our sales penetration in the worldwide specialty materials market, while producing improved earnings compared with last year. We will be working very hard throughout the year to improve manufacturing yields, productivity and working capital management. We also expect minimal increases in overhead costs. "However, while we must be attentive to costs at all times, cost reduction alone will not lead Brush Wellman toward fulfilling its potential. Fundamentally, sales growth remains the key to our success in the long run. Therefore, regardless of the short-term economic climate, we will continue to invest time, effort and capital into marketing, and into improving our manufacturing technologies, with the goals of consistent revenue growth and improved returns for our shareholders." Brush Wellman Inc., with headquarters in Cleveland, Ohio, is a manufacturer of engineered materials. The Company and its subsidiaries supply worldwide markets with Beryllium Products, Alloy Products, Ceramic Products, Precious Metal Products, and Specialty Metal Systems. CONTACT: Brush Wellman Inc., Cleveland Timothy J. Reid, 216/383-6835 |
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