General Alexander M. Haig, Jr. and Drummond C. Bell, III Elected to SDC International Board of Directors.
PALM BEACH, Fla.--(BUSINESS WIRE)--Jan. 15, 2002
SDC International (SDC) (OTC Bulletin Board:SDCN) today announced that former Secretary of State General Alexander M. Haig, Jr., and New York investment banker Drummond C. Bell, III have been elected to the Board of Directors of the company.
Their membership completes the five-member board, which includes SDC Chairman and CEO Ronald Adams, SDC President and Chief Operating Officer Mike Srkal, and Double Seal Ring Company Chairman and CEO Henry S. Green, Jr.
On December 28, 2001, SDC completed and closed its acquisition of the Czech Republic's specialty-truck manufacturing company, Tatra, a.s., an internationally recognized manufacturer of on/off road heavy-duty vehicles for commercial and military applications. Total consideration for the acquisition was US$32 million. Tatra, based in the town of Koprivnice, Czech Republic, reported approximately US$150 million in revenues and produced an after-tax profit of approximately US$4 million in calendar year 2000. It is expected that Tatra's EBITDA for 2001 will be about US$13 million. SDC, which acquired 91.61% of Tatra from the Czech government, retains a controlling majority of 51% and has agreed to sell the remaining 40.61% of the outstanding Tatra shares to Terex Corporation (NYSE:TEX), a strategic shareholder of SDC. The remaining shares of Tatra, approximating 8%, are publicly-held.
Investment banker Bell said, "I am pleased to accept this exciting opportunity to work with SDC and participate in the growth of its shareholder value. The Tatra acquisition is the foundation upon which SDC will grow internally and, through additional acquisitions, SDC should become a very unique, global and profitable manufacturing power."
As a Director of SDC International, General Haig will bring his vast experience in international business matters to the corporation and assist in the domestic and international marketing of Tatra's product line. According to Haig, "SDC's acquisition of Tatra presents the opportunity to develop the Czech-based manufacturing company into a world-class supplier of vehicles and equipment to many commercial and military customers worldwide. As a member of SDC International's Board of Directors, I welcome the opportunity to work with management in maximizing the growth capabilities of Tatra and in expanding SDC International's global presence."
General Haig is one of the most recognized American military, governmental, and corporate leaders of the past fifty years. Upon graduation from West Point, Haig joined the personal staff of General Douglas MacArthur in the Pacific arena. After having seen action in both the Korean and Vietnam wars, Haig was brought into the National Security Council by President Richard Nixon. Four years later, General Haig was appointed White House Chief of Staff. During his term in the White House, Haig played pivotal roles in negotiating the Vietnam cease-fire and the return of U.S. prisoners of war. After Nixon's resignation, President Gerald Ford appointed Haig Commander-in-Chief of the U.S. European Command. Shortly thereafter, General Haig became NATO Supreme Allied Commander. Retiring from the military in 1979, he became President and Chief Operating Officer of United Technologies, Inc. Upon election as President of the United States, Ronald Reagan nominated General Haig as the 59th U.S. Secretary of State. He served in that capacity until his resignation, which was effective July 5, 1982.
During his tenure as President of United Technologies, the nation's third largest defense contractor, revenues rose by more than $3 billion. General Haig has, also, been a member of the Board of Directors of such companies as Chase Manhattan, Texas Instruments, Crown Cork & Seal, and ConAgra. He was a founding Director of America Online, Inc. Currently, he is a Director of MGM Mirage, Inc., Metro-Goldwyn-Mayer, Inc., Compuserve Interactive Services, Inc., Abington Biomedical Funds, and Interneuron Pharmaceuticals, Inc.
Drummond Bell is a partner in New York-based investment banking firm, McFarland Dewey and Company, founded in 1989, which provides sophisticated financial advisory services to private and public companies. Mr. Bell has, also, served as the Managing Director of FIL (Fruehauf International Limited) Partners and serves on the Advisory Board of Private Equity Investors (PEI) and Dynamic Metal Forming. Mr. Bell was a Vice President of U. S. Steel (USX) and President of U. S. Steel Realty and served as Senior Vice President of Operations of Fruehauf Trailers.
Mr. Bell is a trustee of the Taft School and Fairfield Country Day School, and past Chairman of CLEARPOOL Inc., a public/private educational program in the inner city of New York. He is, also, a member of the Board of Directors of the Workshop in Business Opportunities (WIBO), a New York organization, and past Board member of General Trailers, the largest trailer manufacturer in Europe and Tubular Corporation of America. Mr. Bell is a past member of the Young Presidents Organization and has published numerous articles on asset management. He is a graduate of the University of North Carolina (Chapel Hill) and the Advanced Management Program at the Harvard Business School.
About Terex Corporation
Terex Corporation is a diversified global manufacturer based in Westport, Connecticut, with 2000 revenues in excess of $2 billion. Terex is involved in a broad range of construction, infrastructure, recycling and mining-related capital equipment under the brand names of Terex, Unit Rig, Payhauler, O&K, Fermec, Benford, Powerscreen, Finlay, B.L. Pegson, Simplicity, Cedarapids, Grayhound, Jaques, Canica-Jaques, Lorain, PPM, P&H, Franna, Marklift, Koehring, Bendini, RO, Telelect, Square Shooter, American, Italmacchine, Peiner, Comedil, Matbro, Amida, Bartell, Coleman, Muller and Morrison. More information on Terex can be found at www.terex.com.
About SDC International
SDC International is a publicly traded U.S.-based company focused on acquiring well-established industrial manufacturers with substantial revenues within Central and Eastern Europe. Visit the SDC website at www.sdcn.com or the Tatra website at www.tatra.cz.
Certain information in this announcement includes forward-looking statements regarding future events or the future performance of SDC International that involve certain contingencies and uncertainties. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual events or performance to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond SDC's control, include, among others: the effects of changes in laws and regulations; the effect of interest rates, government spending and general economic conditions on construction, mining and other activities in which SDC's products are sold; the national and international political climate; and other factors, risks and uncertainties set forth in more detail in SDC's filings with the U.S. Securities and Exchange Commission. Actual events or performance may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors.
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|Date:||Jan 15, 2002|
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