KRAIG W. KRAMERS ELECTED PRESIDENT OF SNAPPER POWER EQUIPMENT DIVISION OF FUQUA INDUSTRIES, INC.
KRAIG W. KRAMERS ELECTED PRESIDENT OF
SNAPPER POWER EQUIPMENT DIVISION OF FUQUA INDUSTRIES, INC.
ATLANTA, Nov. 19 /PRNewswire/ -- Fuqua Industries, Inc. (NYSE: FQA) has appointed Kraig W. Kramers president and chief executive officer of its Snapper Power Equipment Division effective immediately.
Kramers had been president of Corporate Partners, Inc., specializing in turnarounds. The announcement was made by Charles R. Scott, president and CEO of Fuqua Industries, Inc.
Kramers succeeds Richard E. Robinson, who has been with Snapper since 1971 and served as president and CEO since 1989. Robinson is leaving to pursue other personal business interests.
Prior to Corporate Partners, Kramers was president and CEO of Graphic Arts Center, the largest commercial printing company west of the Mississippi, which grew from $60 million to $120 million in annual sales in four years under his guidance.
Kramers has been CEO of four companies, including Courtesy Interstate Corporation, Munson Sporting Goods, Graphic Arts Center and Metro One Direct. He has had executive and management experience with Fibreboard Corporation, DatagraphiX, Inc., Corning Glass Works and Hewlett-Packard Corporation.
"We are very fortunate to have attracted a leader of Kraig Kramers' caliber," said Scott. "Kraig has shown the ability to quickly grasp the needs of companies operating in a wide variety of industries and exert the leadership needed to turn them into highly profitable businesses. As president of Graphic Arts Center, he led the company from breakeven to a highly profitable industry leader in a very short time. Since forming Corporate Partners in 1990, he guided National Airmotive Corporation, a remanufacturer of gas turbine engines, through a substantial turnaround."
Kramers is a founding member of The Executive Committee in Portland, Ore., a member of the boards of Oregon Health Sciences University and The Information Store, Inc. He is a founding board member of the Alzheimer's Disease Center of Oregon.
He is a 1964 graduate in physics from the Massachusetts Institute of Technology and holds an MBA in finance and marketing from the Stanford University Graduate School of Business. He and his wife Janet will be moving to the McDonough, Ga., area immediately. They have three grown daughters.
Scott went on to say: "We view Mr. Kramers' appointment as one more positive step in the complete turnaround of Fuqua Industries. However, we again want to caution our shareholders that even though the future looks quite bright, we do expect to post a sizeable loss for the 1991 year, due to the significant restructuring we are currently undertaking."
Snapper Power Equipment has been a division of Fuqua since 1967. It manufactures a broad line of quality lawn mowers, snowthrowers and related parts and accessories for the consumer market. It distributes products under the Snapper brand through more than 10,000 dealers and distributors worldwide.
/CONTACT: Fred Beilstein, senior vice president, treasurer and chief financial officer, or Page S. Turner of Fuqua Industries, 404-658-9000/
(FQA) CO: Fuqua Industries, Inc. ST: Georgia IN: SU: PER BR-BN -- AT007 -- 4829 11/19/91 09:47 EST