Royal Group adds two executives to senior management team
November 02 2005 - 6:40PM
PR Newswire (US)
TORONTO, Nov. 2 /PRNewswire-FirstCall/ -- Royal Group Technologies
Limited (RYG-TSX; RYG-NYSE) today announced two key senior
executive appointments. Daryl C.F. Wilson has been appointed Senior
Vice President, Manufacturing, Engineering and Development, with
Bradley J. Holcomb appointed Senior Vice President, Global
Materials and Supply. "Developing and attracting experienced,
highly qualified and capable executives for critical management
positions is an important element of the Management Improvement
Plan, which Royal Group's Board recently approved as the road map
to renewing the company and improving financial performance," said
Lawrence J. Blanford, who was appointed President and Chief
Executive Officer in May 2005. "We are very pleased to have
attracted high-calibre executives to these two important new
executive positions, wherein they will focus on driving initiatives
to improve financial performance. Daryl's career has been
distinguished by his ability to successfully direct programs aimed
at improving manufacturing quality, productivity, and cost. Brad
has a track record of producing substantial procurement savings at
each of the several major industrial companies for which he has
worked." Mr. Wilson joins Royal Group from Zenon Environmental
Inc., Toronto, where he was Vice-President,
Manufacturing/Operations for several years. Previously, he held a
series of increasingly senior management positions at Toyota Motor
Manufacturing Canada, Inc., including vice-president manufacturing,
after beginning his career at Dofasco Inc. He obtained a B.A. Sc.
in Chemical Engineering from the University of Toronto and an MBA
in Operations Management/Management Service from McMaster
University. Mr. Holcomb joins Royal Group from Waste Management,
Inc., Houston, Texas, where he was Vice-President & Chief
Procurement Officer. At Waste Management, the largest waste
collection and disposal company in North America, he created a new
procurement and supply management organization and succeeded in
achieving a substantial reduction in sourcing costs. Previously,
Mr. Holcomb held a broad range of senior management positions at
American Precision Industries, Inc., Praxair, Inc., and Eastman
Kodak. Mr. Holcomb holds a B.S. in Engineering Science and an M.S.
in Industrial Engineering from Arizona State University, and an
M.S. in Chemical Engineering from the University of Rochester.
Royal Group Technologies is a manufacturer of innovative,
polymer-based home improvement, consumer, and construction
products. The company has extensive vertical integration, with
operations dedicated to provision of materials, machinery, tooling,
real estate, and transportation services to its plants producing
finished products. Royal Group's manufacturing facilities are
primarily located throughout North America, with international
operations in South America, Europe, and Asia. Additional
investment information is available on Royal Group's web site at
http://www.royalgrouptech.com/ under the "Investor Relations"
section. The information in this document contains certain
forward-looking statements with respect to Royal Group Technologies
Limited, its subsidiaries and affiliates. These statements are
often, but not always made through the use of words or phrases such
as "expect", "should continue", "continue", "believe",
"anticipate", "suggest", "estimate", "contemplate", "target",
"plan", "budget", "may", "will", "schedule" and "intend" or similar
formulations. By their nature, these forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant, known and unknown, business, economic, competitive
and other risks, uncertainties and other factors affecting Royal
specifically or its industry generally that could cause actual
performance, achievements and financial results to differ
materially from those contemplated by the forward-looking
statements. These risks and uncertainties include the ongoing
shareholder value maximization process and its outcome; the ongoing
internal review and investigations by the Special Committee of the
Board of Directors and its outcome; the outcome of the ongoing
assessment and review of the Royal Building System's compliance
with the smoke generated elements of the US building code and the
safety of buildings constructed with the Royal Building System;
fluctuations in the level of renovation, remodelling and
construction activity; changes in product costs and pricing; an
inability to achieve or delays in achieving savings related to the
cost reductions or increases in revenues related to sales price
increases; the sufficiency of our restructuring activities,
including the potential for higher actual costs to be incurred in
connection with restructuring activities compared to the estimated
costs of such actions; the ability to recruit and retain qualified
employees; the level of outstanding debt and our current debt
ratings; Royal's ability to maintain adequate liquidity and
refinance its debt structure by April 30, 2006, the expiry date of
its current bank credit facility; the ability to meet the financial
covenants in our credit facilities; changes in product mix; the
growth rate of the markets into which Royal's products are sold;
market acceptance and demand for Royal's products; changes in
availability or prices for raw materials; pricing pressures
resulting from competition; difficulty in developing and
introducing new products; failure to penetrate new markets
effectively; the effect on foreign operations of currency
fluctuations, tariffs, nationalization, exchange controls,
limitations on foreign investment in local business and other
political, economic and regulatory risks; difficulty in preserving
proprietary technology; adverse resolution of any litigation,
investigations, administrative and regulatory matters, intellectual
property disputes, or similar matters; changes in securities or
environmental laws, rules and regulations; currency risk exposure
and other risks described from time to time in publicly filed
disclosure documents and securities commission reports of Royal
Group Technologies Limited and its subsidiaries and affiliates. In
view of these uncertainties we caution readers not to place undue
reliance on these forward-looking statements. Statements made in
this document are made as of November 2, 2005 and Royal disclaims
any intention or obligation to update or revise any statements made
herein, whether as a result of new information, future events or
otherwise. DATASOURCE: Royal Group Technologies Limited CONTACT:
Mark Badger, Vice President of Marketing and Corporate
Communications, Royal Group Technologies Limited, Phone (905)
264-0701
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