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FOR MORE
INFORMATION CONTACT:
Bob Murray
VP Communications
office818.704.0733
Mobile 213.200.7606
bmurray@magnetek.com
FOR
IMMEDIATE RELEASE
Magnetek
Announces Executive Staff Appointments
Menomonee
Falls, WI –November 13, 2006
–On Friday, November 10, during a
webcast conference call following release
of its fiscal 2007 first-quarter results,
Magnetek, Inc. (NYSE: MAG) announced two
executive management appointments.
Peter
M. McCormick, 46, has been named Executive
Vice President and Chief Operating Officer
of the Company. Mr. McCormick joined Magnetek
in 1993, and served in positions of increasing
responsibility with the Company’s
Drives & Systems group, latterly as
Vice President of Operations. In 1999, he
was named President and General Manager
of the Company’s Power Control Systems
group. Prior to joining the Company, Mr.
McCormick was a Commercial Marketing Manager
with Square D Company. A graduate of the
University of Wisconsin, he holds a Bachelor
of Science degree in Industrial Technology,
with minors in Computer Science and Power
& Control Systems.
Marty
J. Schwenner, 45, becomes Magnetek’s
Vice President and Chief Financial Officer,
succeeding David P. Reiland, who was elected
President and Chief Executive Officer of
the Company on October 25th. Mr. Schwenner
joined the Company in 1989 and has held
financial management positions of increasing
responsibility with Magnetek, both internationally
and in the U.S, latterly as Vice President
and Controller. Prior to joining the Company,
Mr. Schwenner was financial analyst with
Nortek, Inc. He is a Certified Public Accountant
and a Certified Internal Auditor.
“The
appointments of Mr. Schwenner as Chief Financial
Officer and Mr. McCormick as Chief Operating
Officer continue our management realignment
following the October 23rd divestiture of
our Power Electronics Group,” said
Mr. Reiland. As previously reported, the
Company’s Power Electronics group
was based in Valdarno, Italy, with manufacturing
facilities in Italy, Hungary, California
and China. Proceeds from the divestiture
are being used, among other purposes, to
repay debt and contribute to the Company’s
pension trust fund.
Magnetek
also recently announced the move of its
corporate headquarters from Los Angeles
to its largest manufacturing center, located
at N49 W13650 Campbell Drive in Menomonee
Falls, WI, a suburb of Milwaukee.
Magnetek
manufactures digital power and motion control
systems used in material-handling, people-moving,
communications and energy delivery, and
is the world’s leading builder of
grid-tied power inverters for large commercial
fuel cells with more than 160 installations
and half a billion operating hours in the
field over the past decade. On September
29, 2006, the Company reported revenues
of $83.1 million for its 2006 fiscal year,
ended on July 2, 2006(a).
(a)
Magnetek’s fiscal quarters end on
the Sundays nearest September 30, December
31, March 31 and June 30.
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This news
release contains forward-looking statements
within the meaning of the Private Securities
Litigation Reform Act of 1995, including
statements regarding the Company's anticipated
financial results for its first quarter
and fiscal year ending July 2, 2006. These
forward-looking statements are based on
the Company's expectations and are subject
to risks and uncertainties that cannot be
predicted or quantified and are beyond the
Company's control. Future events and actual
results could differ materially from those
set forth in, contemplated by, or underlying
these forward-looking statements. These
risks and uncertainties include economic
and market conditions, audit-related costs
and findings, legal proceedings and their
effects on the Company's financial results.
Other factors that could cause actual results
to differ materially from expectations are
described in the Company's reports filed
with the Securities and Exchange Commission
pursuant to the Securities Exchange Act
of 1934.
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