NATCO Shakes Up Organization, Realigns Segment Reporting
NATCO Group Inc. has announced certain changes to its senior management organization and its financial segment reporting for 2008. These moves are designed to enhance management's execution of the Company's strategic plans and to capture growth opportunities in its global business.
John U. Clarke, Chairman and Chief Executive Officer, said, "Success to date in pursuing the strategic objectives of globalizing our business through the deployment of industry leading technologies; expanding the sale of process and control equipment and systems and related aftermarket sales and services; and leveraging our core manufacturing, distribution and services capabilities has resulted in significant growth and value creation for our shareholders. This growth has been achieved through the dedication of an experienced management team and added bench strength. The changes to our organization and segment definitions reflect the changing focus of our business and the need to manage it with clearly defined roles and responsibilities aligned with our strategies and consistent with our commitment to financial transparency."
Joseph H. Wilson has been named Senior Vice President - Global Ventures with primary responsibility for expanding global marketing initiatives, including South America, Mexico, the Company's recently announced Saudi Arabian joint venture and other global marketing initiatives targeted for future expansion. Joseph F. Titzer has joined the company as Country Manager for Saudi Arabia.
J. Scott Thompson has been promoted to Senior Vice President - Human Resources and Administration and will be responsible for global resource requirements, training and development, recruiting and staffing. Steve McKenzie has jointed NATCO as Director, US Human Resources.
Robert A. Curcio has been named Executive Vice President - Integrated Engineered Solutions and will have primary responsibility for this newly formed segment. Knut Eriksen has been named Senior Vice President - Global Execution and will be responsible for the execution and delivery of all oil, water and gas built-to-order projects on a worldwide basis.
David R. Volz has been named Executive Vice President - Automation & Controls and will continue to have primary responsibility for the segment and additional responsibility for worldwide aftermarket parts sales and services for NATCO Group Inc. Greg Jean, formerly General Manager of NATCO Canada, has been named Vice President of Automation & Controls.
In light of these organizational changes, beginning in 2008, NATCO will consolidate all of its global built-to-order (BTO) business and related activities, formerly reported in its Gas Technologies segment and, in part, in its Oil & Water Technologies segment, into a single financial reporting segment. As a result, activities related to the sale of standard and traditional equipment and aftermarket parts sales and services, formerly reported as part of the Oil & Water Technologies segment, will now report as a standalone segment. The Company's Automation and Controls segment remains unchanged. Accordingly, beginning with its financial report for the first quarter of 2008, the Company will report results based on the following defined segments:
Integrated Engineered Solutions will include sales and related activities associated with all built-to-order projects delivered to global markets; including oil, water and gas technologies as well as the Company's West Texas CO2 processing facility.
Standard & Traditional Equipment Sales and Service will include sales and related activities associated with the sale of standard and traditional equipment, aftermarket parts sales and services.
Automation & Controls will include sales and related activities associated with the sale of control panels, packaged automation systems and field services.