MASCO INDUSTRIES RESTRUCTURES AUTOMOTIVE OPERATIONS; CHANGES NAME TO MASCOTECH, INC.
TAYLOR, Mich., June 23 /PRNewswire/ -- Simultaneous with its name change from Masco Industries to MascoTech, Inc. (NYSE: MSX), the company today announced the restructuring of its automotive businesses into three separate operating groups. The announcement was made by Lee M. Gardner, president and chief operating officer of MascoTech, Inc. The restructuring is part of an ongoing effort to sharpen customer focus throughout the company. The three business groups and their respective operating executives are: -- Powertrain Group -- Henry Thiele, Group President -- Automotive Systems Group -- Al Grava, Group President -- Aftermarket Group -- Lou Merz, Group Vice President "Over the past several years, we have been formulating a strategy to re-engineer the company to make it fit the changing business environment that is impacting the entire automotive industry," said Gardner. "Our automotive customers are implementing actions to rationalize their existing supplier base. They're demanding more direct involvement and expanded global capability from those suppliers who will remain in the supply base. Our goal is to meet their requirements by providing faster, more extensive and more efficient service. To do just that, each of our businesses will draw on the resources of the multi-faceted MascoTech family of companies, while retaining autonomy and the entrepreneurial spirit of a customer-oriented small business." According to Gardner, the name change is the first step in an ongoing program to focus more attention on the strong technological roots of the company, and will help strengthen the separate identity of the company from its affiliate, Masco Corporation (NYSE: MAS). Concurrently, many MascoTech subsidiaries and business units will be given new names to reflect their relationship with the parent company (see following fact sheet). MascoTech, Inc. is a technology-focused company serving the needs of the transportation, architectural and energy industries with custom- engineered industrial products. MascoTech, Inc. Name Change Fact Sheet Automotive Operations New Name Prior Name MASCOTECH, INC. MASCO INDUSTRIES, INC. Lee Gardner, President & Chief Operating Officer POWERTRAIN GROUP Henry Thiele, Group President MascoTech Braun Braun Engineering MascoTech Sintered Components Exotic Metals MascoTech Forming Technologies Masco Forming Technology Co. MascoTech Precision Headed Products Peerless/Hi-Vol MascoTech Tubular Products R&B Manufacturing Holzer GmbH Holzer GmbH Norris Vernon Norris Defense International Crankshaft(a) International Crankshaft AUTOMOTIVE SYSTEMS GROUP (formerly Creative Industries Group (CIG)) Al Grava, Group President MascoTech Vehicle Operations CIG Manufacturing MascoTech Manufacturing & Assembly Operations CIG CVO MascoTech Specialty Stampings CIG CAS MascoTech Special Vehicles CIG CMS MascoTech Accessories Huron St. Clair Racks MascoTech Technical Services Technical Services MascoTech Engineering - North America CES MascoTech Engineering - Europe Canewdon MascoTech Prototype & Tooling CPT MascoTech Design Services CDS MascoTech Training & Visual Services CU MascoTech Marketing Services CIS MascoTech Stamping Technologies, Masco Stamping Technologies, Inc. Inc. MascoTech Industrial Components Huron/St. Clair Industrial Components MascoTech Coatings Vacumet MascoTech Controls Hi-Ram/Schmeizer Elbi/Hi-Ram(a) Elbi/Hi-Ram Autostyle(a) Autostyle AFTERMARKET GROUP Lou Merz, Group Vice President BLD BLD GLO S.p.A. GLO S.p.A. International Brake Ind. International Brake Ind. Pylon Pylon (a) Affiliate -0- 6/23/93 /NOTE: An organization chart of MascoTech, Inc. is available by contacting Lee Ann Welsh of Anthony M. Franco, Inc., at 313-567-5087. CONTACT: Gene Stohler of MascoTech, Inc., 313-374-6292/ (MSX)
CO: MascoTech, Inc. ST: Michigan IN: AUT SU: RCN
JG-ML -- DE007 -- 4899 06/23/93 09:46 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 23, 1993|
|Previous Article:||SPRINT ANNOUNCES FIRST SPANISH INVOICE|
|Next Article:||MASCOTECH, INC. PROPOSES TO OFFER $100 MILLION DIVIDEND ENHANCED CONVERTIBLE STOCK|