Brady Corporation Announces Regional Organizational Structure Effective February 1, 2023
December 01 2022 - 7:00AM
Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world
leader in identification solutions, today announced it will modify
its organizational structure under new regional operating segments
effective February 1, 2023.
Beginning in the third quarter of fiscal 2023, the Company will
report sales and segment profit based on new operating segments:
Americas & Asia and Europe & Australia. The Americas &
Asia business will be led by Olivier Bojarski, currently the
President of the Company’s Identification Solutions business. The
Europe & Australia business will be led by Brett Wilms,
currently the Managing Director of Identification Solutions EMEA
and the Interim General Manager of the Company’s Workplace Safety
business.
“By moving to a regional structure, we are better positioning
the Company for long-term success by aligning the organization with
opportunities for future sales growth,” said Brady’s President and
CEO, Russell R. Shaller. “This new structure will help us
accelerate sales growth by taking advantage of the synergies that
exist between our current divisions, by utilizing our best
go-to-market strategies in each of our key geographies, and by
using our increased geographic scale to accelerate new product
development while delivering tailored solutions that meet the
unique needs of each geography. Although cost reduction was not the
primary motivator for this reorganization, we expect to realize an
improvement of $0.10 to $0.20 of earnings per share beginning in
fiscal 2024, and we expect that any one-time charges from employee
severance in fiscal 2023 will be offset by reduced costs over the
balance of this fiscal year.”
Brady will begin to operate under the new segment structure
effective in the third quarter of fiscal 2023. To aid investors
with the transition, sales and segment profit for fiscal 2021
through the second quarter of fiscal 2023 recast for the new
regional segments will be provided with the Company’s second
quarter fiscal 2023 earnings release.
Brady Corporation is an international manufacturer and marketer
of complete solutions that identify and protect people, products
and places. Brady’s products help customers increase safety,
security, productivity and performance and include high-performance
labels, signs, safety devices, printing systems and software.
Founded in 1914, the Company has a diverse customer base in
electronics, telecommunications, manufacturing, electrical,
construction, medical, aerospace and a variety of other industries.
Brady is headquartered in Milwaukee, Wisconsin and as of July 31,
2022, employed approximately 5,700 people in its worldwide
businesses. Brady’s fiscal 2022 sales were approximately $1.30
billion. Brady stock trades on the New York Stock Exchange under
the symbol BRC. More information is available on the Internet at
www.bradyid.com.
In this news release, statements that are not reported financial
results or other historic information are “forward-looking
statements.” These forward-looking statements relate to, among
other things, the Company's future financial position, business
strategy, targets, projected sales, costs, earnings, capital
expenditures, debt levels and cash flows, and plans and objectives
of management for future operations.
The use of words such as “may,” “will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe,” “should,” “project,”
“continue” or “plan” or similar terminology are generally intended
to identify forward-looking statements. These forward-looking
statements by their nature address matters that are, to different
degrees, uncertain and are subject to risks, assumptions, and other
factors, some of which are beyond Brady’s control, that could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements. For Brady, uncertainties arise
from: increased cost of raw materials, labor and freight as well as
material shortages and supply chain disruptions; adverse impacts of
the novel coronavirus (“COVID-19”) pandemic or other pandemics;
decreased demand for our products; our ability to compete
effectively or to successfully execute our strategy; our ability to
develop technologically advanced products that meet customer
demands; Brady’s ability to identify, integrate, and grow acquired
companies, and to manage contingent liabilities from divested
businesses; difficulties in protecting our websites, networks, and
systems against security breaches; risks associated with the loss
of key employees; extensive regulations by U.S. and non-U.S.
governmental and self-regulatory entities; litigation, including
product liability claims; foreign currency fluctuations; potential
write-offs of goodwill and other intangible assets; changes in tax
legislation and tax rates; differing interests of voting and
non-voting shareholders; numerous other matters of national,
regional and global scale, including major public health crises and
government responses thereto and those of a political, economic,
business, competitive, and regulatory nature contained from time to
time in Brady’s U.S. Securities and Exchange Commission filings,
including, but not limited to, those factors listed in the “Risk
Factors” section within Item 1A of Part I of Brady’s Form 10-K for
the year ended July 31, 2022.
These uncertainties may cause Brady's actual future results to
be materially different than those expressed in its forward-looking
statements. Brady does not undertake to update its forward-looking
statements except as required by law.
For More Information:Investor contact: Ann Thornton
414-438-6887Media contact: Kate Venne 414-358-5176
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