WILMERDING, PA (March 15, 2010) – Wabtec Corporation (NYSE: WAB) has acquired Xorail LLC, a
leading provider of signal engineering and design services, for $40 million in cash. The company is
based in Jacksonville, Fla., and has annual sales of about $40 million. Wabtec expects the transaction to
be accretive in the first year.
Xorail provides a variety of engineering, design and construction services, mainly for railway signaling
systems. These services include design solutions for wayside signaling, positive train control systems
and highway grade crossing warning systems, site surveys, systems integration, and field construction
and installation of wayside equipment. Xorail’s customers include Class I railroads and passenger transit
authorities in North America. The company was founded in 1990 as Southwest Signal Engineering
Company, and now has 10 satellite offices throughout North America with about 275 employees. Kash
Krishnarao, president of Xorail, will remain with the company.
“Xorail’s engineering and wayside capabilities are a good fit with our existing railway electronics
business,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “In addition, these
capabilities position Wabtec for a larger role as the rail industry implements positive train control
technology over the next several years.”
Wabtec Corporation is a global provider of value-added, technology-based products and services for
the rail industry. Through its subsidiaries, the company manufactures a range of products for locomotives,
freight cars and passenger transit vehicles. The company also builds new switcher and commuter
locomotives, and provides aftermarket services. The company has facilities located throughout the world.
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ATLANTA (July 1, 2009) – R. William “Bill” Ide, partner in the Atlanta office of McKenna Long & Aldridge, has joined the advisory board of Nancy Creek Capital, an Atlanta-based mezzanine and equity investment firm.
Mr. Ide’s practice focuses on representing boards of directors, audit committees and management with special investigations, ethics and corporate governance.
Mr. Ide currently serves as a member of the Board of Directors of Albemarle Corporation (NYSE:ALB) where he serves on the Compensation Committee and the Nominating and Governance Committee. He also serves as a member of the Board of Directors of AFC Enterprises, Inc. (NASDAQ:AFCE) where he chairs the Governance Committee and serves on the Audit Committee.
He is also chair of the Advisory Board to the Conference Board’s Governance Center, a senior fellow and co-founder of Emory University’s Directors Institute and he serves on the Audit and Governance Committees of the Clark Atlanta University Board of Trustees and on the Audit Committee of the EastWest Institute.
Mr. Ide formerly served as senior vice president and General Counsel of Monsanto Company (NYSE:MON), as Counsel to the United States Olympic Committee and as President of the American Bar Association. Mr. Ide received his B.A. degree, cum laude, from Washington and Lee University, J.D. degree from the University of Virginia and M.B.A. degree from Georgia State University. He has lectured extensively and published numerous articles on corporate governance. He was admitted to the Bar in both Georgia and the District of Columbia.
KENT HUSSEY APPOINTED CEO OF SPECTRUM BRANDSDavid Jones Remains as Chairman of the Board of Directors
ATLANTA, May 23, 2007 – (SPC: NYSE) – Spectrum Brands, Inc. today announced that Kent Hussey has been appointed Chief Executive Officer of the company. David Jones will step down as CEO but will continue to serve as non-executive Chairman of the Board of Directors until the end of fiscal year 2007 to assist in the management transition. Jones, 57, has served as CEO and Chairman since September 1996. Hussey, 61, most recently Vice Chairman and director, has previously served in the positions of President, Chief Operating Officer, and Chief Financial Officer.
Thomas Shepherd, Lead Director, said, “Dave Jones has played a vital role in transforming Rayovac from a $400 million domestic consumer battery company to the $2.5 billion diversified global consumer products company that Spectrum Brands is today. The Board respects Dave’s decision to step down and appreciates his willingness to stay on through the transition period. We wish him success in his future endeavors.”
“I am extremely proud of all that Spectrum Brands has accomplished and, after managing the Company through recent challenging times, am comfortable leaving knowing that Spectrum Brands is well positioned for future growth and profitability,” said Jones. “Kent is the ideal successor to lead Spectrum in the next phase of its evolution. He has worked alongside me in the management of the Company for more than 10 years and has been instrumental in guiding Spectrum’s strategic, financial and operational initiatives as well as its M&A strategy. I am confident that Kent, and the rest of our executive team, will continue to execute on strategy and leverage Spectrum’s portfolio of strong brands and global platform to build value for shareholders.”
“The many initiatives implemented over the past 18 months to revitalize our sales and improve profitability are beginning to show in our ongoing financial results; our recently announced second quarter performance gives me confidence we have turned the corner,” said Hussey. “The corporate restructuring announced in January is on track and our second quarter results demonstrate that our business units are performing well under strong operational leadership teams. I have a long term commitment to Spectrum and will be fully focused on executing our strategy of improving operational performance while pursuing asset sales to reduce our leverage and interest burden.”
Hussey, who has over 37 years of management experience in the manufacturing and consumer products industries, has been a managing executive and director of Spectrum since 1996. Since January 2007, he has served as Vice Chairman, responsible for spearheading the strategic direction of the Company and for corporate business development. He joined the Company as Executive Vice President of Finance and Administration and Chief Financial Officer in October 1996, and served as President and Chief Operating Officer from April 1998 to January 2007. From 1994 to 1996, Hussey was Vice President and Chief Financial Officer of ECC International, a producer of industrial minerals and specialty chemicals. From 1991 to 1994, he served as Vice President of Finance and Chief Financial Officer of The Regina Company. Previously he held financial management positions at The Conair Group, Astechnologies, Inc. and United Technologies Corporation. Hussey currently serves as a director of American Woodmark Corporation and various privately-held companies.
Forward Looking Statements
Certain matters discussed in this news release, with the exception of historical matters, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of risks and uncertainties that could cause results to differ materially from those anticipated as of the date of this release. Actual results may differ materially from these statements as a result of (1) changes in external competitive market factors, such as introduction of new product features or technological developments, development of new competitors or competitive brands or competitive promotional activity or spending, (2) changes in consumer demand for the various types of products Spectrum Brands offers, (3) changes in the general economic conditions where Spectrum Brands does business, such as interest rates, currency exchange rates, inflation, consumer spending and raw material costs, (4) the company’s ability to successfully implement manufacturing, distribution and other cost efficiencies, and various other factors, including those discussed herein and those set forth in Spectrum Brands’ securities filings, including the most recently filed Annual Report on Form 10-K.
About Spectrum Brands, Inc.
Spectrum Brands is a global consumer products company and a leading supplier of batteries, portable lighting, lawn and garden products, household insect control, shaving and grooming products, personal care products and specialty pet supplies. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in 120 countries around the world. Headquartered in Atlanta, Georgia, Spectrum Brands generated net sales of $2.5 billion in fiscal 2006 and has approximately 8,400 employees worldwide. The company's stock trades on the New York Stock Exchange under the symbol SPC.
VP Investor Relations, Spectrum Brands
Sard Verbinnen & Co for Spectrum Brands
Victoria Hofstad or Jamie Tully
Spectrum Brands President Joins Nancy Creek Capital Advisory Board - Kent Hussey Brings Wealth of Experience to Southeastern Mezzanine and Equity Investment Fund
ATLANTA (November 3, 2006) – Kent J. Hussey, president and chief operating officer of global consumer products company Spectrum Brands, has joined the advisory board of Nancy Creek Capital, an Atlanta-based $50 million mezzanine and equity investment fund.
Mr. Hussey’s operational and financial expertise helped transform Spectrum Brands, known until 2005 as Rayovac Corporation, from a $400-million domestic consumer battery company into a $2.5 billion diversified global consumer products company.
“Kent’s extensive experience will be a huge benefit to Nancy Creek Capital,” said Nancy Creek Capital principal Ed Sims. “He has deep knowledge of both sides of the equation – he has successfully accessed debt and equity capital to fund growth, and he has a great track record of investing in and operating businesses.”
Prior to joining Rayovac as chief financial officer in 1996, Mr. Hussey served as executive vice president of finance and CFO of ECC International, a global producer of industrial minerals and specialty chemicals. He directed expansion programs in Far East, Australia and New Zealand to capture emerging business opportunities.
Mr. Hussey has prior experience in a variety of business sectors, including aerospace, automotive and electronics. He was vice president of finance and CFO of The Regina Company, president, COO and CFO of Astechnologies, and has held financial management positions for The Conair Group, United Technologies Corp., Fairchild Industries Corp. and Grumman Aerospace Corp.
Mr. Hussey earned his bachelor’s degree in psychology from the University of Rochester and his Master of Business from the Stern School of Business at New York University.
About Nancy Creek Capital
Nancy Creek Capital’s $50 million mezzanine and equity investment fund is a strategic partner to commercial banks in meeting bank customers’ needs for growth, recapitalization and acquisition capital and for real estate project financing. The Nancy Creek Capital investment fund is a provider of subordinated debt and equity for small to middle market companies and real estate projects primarily in the Southeast region. The Fund is managed by The Branch-Shelton Company, LLC. For more information, visit www.nancycreekcapital.com.
Nancy Creek Capital Expands Investment Team - Steven T. Brannon Joins Mezzanine and Equity Investment Fund
ATLANTA (June 16, 2006) – The Branch-Shelton Company, LLC, manager of Nancy Creek Capital, an Atlanta-based mezzanine and equity investment fund, has added Steven T. Brannon to its investment team. Mr. Brannon brings a wide-range of experience to the fund, including investment banking, business valuation, commercial banking and executive-level operations.
Prior to joining Nancy Creek Capital, Mr. Brannon was a principal of a privately held restaurant equipment distribution and services company. Under his leadership, revenue more than tripled during his four years with the company.
From 2000 to 2002, Mr. Brannon worked in the Investment Banking Group at Raymond James & Associates, where his activities included executing public and private capital raises, mergers and acquisitions transactions, and strategic advisory assignments with a focus on telecommunications equipment companies.
Prior to earning his master’s degree in business from the University of Chicago in 2000, Mr. Brannon spent two years in the Business Valuation Group at KPMG Peat Marwick, where he was responsible for providing business enterprise, capital stock and intangible asset valuations.
Mr. Brannon graduated with a perfect major grade point average and a bachelor’s degree in business administration from The University of Georgia in 1993. He began his career in 1994 as a credit analyst at NationsBank Corporation, where he was quickly promoted through several positions. By 1996, he was a relationship manager in the Financial Growth Group, managing a senior debt portfolio of 25 middle market companies with revenue ranging from $5 million to $150 million. He graduated with a perfect major GPA and a bachelor’s degree in business administration from The University of Georgia in 1993.
About Nancy Creek Capital
Nancy Creek Capital’s $50 million mezzanine and equity investment fund is a strategic partner to commercial banks in meeting bank customers’ needs for growth, recapitalization and acquisition capital and for real estate project financing. The Nancy Creek Capital investment fund is a provider of subordinated debt and equity for small to middle market companies and real estate projects primarily in the Southeast region. The Fund is managed by The Branch-Shelton Company, LLC. For more information, visitwww.nancycreekcapital.com.
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