QUINCY, Mass., Nov. 5, 2007 (PRIME NEWSWIRE) -- Altra Holdings Inc. (Nasdaq:AIMC) today announced that it has appointed Lyle G. Ganske and Michael S. Lipscomb to its Board of Directors, filling two vacant board seats and bringing the total number of directors serving on its Board to seven. The Board has determined that both new directors are considered independent under Nasdaq marketplace rules.
Michael L. Hurt, Chairman and CEO commented, "We are extremely pleased to have Lyle and Mike join Altra's Board. Both are very experienced professionals with outstanding resumes that complement our current directors. They have unique skill sets and will partner with our management team to further accelerate Altra's growth.
Lyle, who co-chairs Jones Day's global mergers & acquisitions practice, has in depth experience in the global business arena plus an excellent financial and technical background. Mike has senior management experience at a Fortune 100 company and was Founder, Chairman and CEO of Argo-Tech whose revenues grew five fold during his tenure. We are excited and fortunate to have two very experienced professionals who have spent their careers in the global marketplace join Altra's Board."
Lyle G. Ganske: Mr. Ganske co-chairs Jones Day's global mergers & acquisitions practice. He is an advisor to significant companies, focusing primarily on M&A, takeovers, takeover preparedness, corporate governance, executive compensation, and general corporate counseling. He has extensive experience in transactions involving regulated industries, including telecom and energy. Mr. Ganske received his J.D. from Ohio State University and his B.S.B.A at Bowling Green State University and currently serves on the boards of the Greater Cleveland Sports Commission, Rock and Roll Hall of Fame, Business Volunteers of America, and Leadership Cleveland.
Michael S. Lipscomb: Mr. Lipscomb was most recently the Chairman and CEO of Argo-Tech, a leading supplier to the aerospace industry, where he led the company through 5 bank refinances, 4 high yield bond offerings, and successfully managed the sale of the company to Eaton Corporation in March of 2007. During his career, he has gained tremendous global industrial operating experience as a co-founder of Argo-Tech, as a Managing Director at TRW and in plant and engineering management roles at the Utica Tool Company. Mr. Lipscomb received his MBA from Clemson - Furman University and his B.S. from Clemson University and has served on the boards of Argo-Tech, MAMCO Enterprises, Ruhlin Construction Company, Duradyne, and SIFCO (Audit Committee Chair).
About Altra:
Altra Holdings, Inc., through its wholly-owned subsidiary Altra Industrial Motion, Inc., is a leading multi-national designer, producer and marketer of a wide range of electromechanical power transmission products. The company brings together strong brands covering over 40 product lines with production facilities in nine countries. Our leading brands include Boston Gear, Warner Electric, TB Wood's, Formsprag Clutch, Wichita Clutch, Ameridrives Couplings, Kilian Manufacturing, Marland Clutch, Nuttall Gear, Stieber Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics, Huco-Dynatork, Warner Linear, and All Power Transmissions.
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This press release includes statements which are forward looking within the meaning of applicable securities laws. These statements may include or imply projections of future performance that are based upon the company's expectations or assumptions. These expectations and assumptions, as well as the company's future performance, are subject to a number of risks and uncertainties. Factors that could cause actual results to differ from projected results are described from time to time in the company's Securities and Exchange Commission reports and other filings, including but not limited to the risks described in the Registration Statement on Form S-1 filed on June 4, 2007. Altra Holdings, Inc. is under no obligation to, and expressly disclaims any obligation to, update or, alter its forward looking statements, whether as a result of new information, future events or otherwise. AIMC-E