Printer Friendly

TRANSTECHNOLOGY SENIOR MANAGERS SUPPORT OPPOSITION SLATE

 TRANSTECHNOLOGY SENIOR MANAGERS SUPPORT OPPOSITION SLATE
 CLEVELAND, Sept. 15 /PRNewswire/ -- Michael J. Berthelot, holder of


5.6 percent of TransTechnology Corporation's (NYSE: TT) common stock and leader of an opposition slate of directors, today released a letter he had received in his capacity as a director of the company from certain senior members of the management of TransTechnology Corporation which stated, "It is our opinion, after weighing the respective records of the current board of directors, and that of Mr. Berthelot, that the undersigned individuals have no confidence in the ability of the company's slate of directors to effectively manage or oversee TransTechnology in the best interest of the shareholders. The undersigned individuals do, however, believe that much of the progress made over the past year by the company, in terms of improved financial and operating performance, morale, and outlook for the for the future, has been the result of the efforts of Mr. Berthelot and his management team. Accordingly, we believe that it is in the best interest of our individual divisions and/or departments, the company overall, its shareholders, customers, creditors and employees, that Mr. Berthelot's slate of directors be elected by the shareholders at the upcoming annual meeting."
 The letter is signed by four of the five operating division presidents, the vice president of Administration/Corporate Secretary, and Patrick K. Bolger, group vice president and a member of the company's "Office of the President" and a candidate on Berthelot's slate.
 Berthelot has based his proxy fight upon his belief that the restructuring program he championed will be in danger if the incumbent slate is re-elected. Berthelot has focused his campaign on the accomplishments of his management team over the past year, the company's improved performance, lower debt, and a significant increase in the company's stock price since his involvement with the company. Berthelot has set out his program for the future of the company as including a proposed $1.50 per share special dividend, the reinstitution of regular quarterly dividends at 33 percent or less of annual income, the securing of new long term debt, the maintenance of a debt to total capitalization ratio of 35 percent or less, the implementation of a new incentive compensation system for officers and key employees, and the rebuilding of the company through niche acquisitions designed to strengthen existing product lines and maximum usage of existing facilities.
 Berthelot, responding to an earlier comment made in an article in the Wall Street Journal, said, "No matter what anyone thinks, this proxy contest is not a matter of a personality conflict. Serious issues of management, economics, and shareholder governance are at the forefront of my program. Individual personalities are not relevant issues. Management style, character, and credibility must, however, remain serious considerations in evaluating any management group."
 TransTechnology is a diversified manufacturer of industrial and aerospace products headquartered in Union, N.J. The company's annual shareholders' meeting and election of directors is scheduled for Sept. 23, 1992 in New York.
 -0- 9/15/92
 /CONTACT: Michael J. Berthelot of Canterbury Holdings Corporation, 216-528-0163, or 216-656-3812, or fax, 216-656-0415/
 (TT) CO: Canterbury Holdings Corporation; TransTechnology Corporation ST: Ohio; New Jersey IN: ARO SU:


SM -- CL007 -- 9484 09/15/92 09:07 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 15, 1992
Words:538
Previous Article:MAGMA COPPER ANNOUNCES NEW APPOINTMENTS
Next Article:SYMANTEC'S NEW SUPPORT SERVICES COMPLEMENT BEST-SELLING ANTIVIRUS PROGRAM
Topics:


Related Articles
TRANSTECHNOLOGY ANNOUNCES DEFINITIVE AGREEMENT
TRANSTECHNOLOGY OPPOSITION SLATE RESPONDS TO INCUMBENT MATERIALS
TRANSTECHNOLOGY BOARD ELECTION TO BE CONTESTED
TRANSTECHNOLOGY CORPORATION TO ACQUIRE PALNUT FASTENER OPERATION ON TRW INC.
TRANSTECHNOLOGY DECLARES DIVIDEND
TRANSTECHNOLOGY REPORTS EARNINGS INCREASE OF 23 PERCENT FOR SECOND QUARTER
TRANSTECHNOLOGY REPORTS EARNINGS INCREASE OF 23 PERCENT FOR SECOND QUARTER
TRANSTECHNOLOGY DECLARES REGULAR SIX-CENT QUARTERLY DIVIDEND
TRANSTECHNOLOGY CORPORATION COMPLETES THE SALE OF FEDERAL LABORATORIES DIVISION TO MACE SECURITY INTERNATIONAL, INC.
TRANSTECHNOLOGY DECLARES REGULAR SIX CENT QUARTERLY DIVIDEND

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters