FOR MORE
INFORMATION CONTACT:
Bob Murray
VP Communications
office818.704.0733
Mobile 213.200.7606
bmurray@magnetek.comFOR
IMMEDIATE RELEASE
Magnetek
Announces Board and Executive Management
Changes
Menomonee Falls, WI -December
19, 2006 -Magnetek, Inc. (NYSE:MAG)
today announced a realignment of its Board
of Directors, effective December 15, 2006,
subsequent to the divestiture of the Company's
Power Electronics Group and executive and
Board changes announced on October 23 and
October 30, 2006, respectively.
Stepping down from the Board were: Magnetek's
founder and former Chairman, Andrew G. Galef,
after 22 years of service; Paul J. Kofmehl,
after 16 years of service; Robert E. Wycoff,
after 10 years of service; and Thomas G.
Boren, Magnetek's former President and Chief
Executive Officer, after nine years of service.
And joining the Board was David P. Reiland,
who succeeded Mr. Boren as President and
Chief Executive Officer of Magnetek on November
1, 2006.
Leaving Magnetek as of December 30, 2006,
will be: Chief Technology Officer Alexander
Levran; Secretary and General Counsel Tina
D. McKnight; and Executive Vice President
Stephen R. Torres.
Commenting on these changes, Magnetek's
Chairman Mitchell I. Quain said, "Downsizing
the Board and executive management team
is necessary and consistent with the downsizing
of the Company. Without exception, the directors
and executives who are leaving Magnetek
have served the Company well and have been
instrumental in its redirection. As a result,
the Company is now debt free, able to address
its financial obligations, and prepared
to grow profitably in the years ahead."
Duties of the corporate executives leaving
the Company will be assumed by management
personnel at Magnetek's new corporate headquarters
in Menomonee Falls, WI, Mr. Quain added.
Magnetek manufactures digital power and
motion control systems used in material-handling,
people-moving, energy delivery and wireless
communications. It operates manufacturing
facilities in Pittsburgh, PA and Mississauga,
Ontario, Canada, as well as Menomonee Falls,
WI. On September 29, 2006, the Company reported
revenue 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.
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,
market and operating 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. |