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Crowdis Named President Of Tredegar's Aluminum Extrusions Subsidiary
RICHMOND, Va., June 15 /PRNewswire-FirstCall/ -- Tredegar Corporation (NYSE: TG) has named Duncan A. Crowdis president of the William L. Bonnell Company, its aluminum extrusions subsidiary. Effective immediately, Mr. Crowdis will replace Albert A. Butler, who is retiring.
Norman A. Scher, Tredegar's president and chief executive officer said: "Duncan brings more than 25 years of broad-based industry experience and proven leadership skills to his new role as Bonnell's president. His extensive background in operations, combined with his marketing and process management skills, should help Bonnell enhance its position as an industry leader."
Mr. Crowdis joined Bonnell in 1998 as manager of its Pickering, Ontario plant, which was acquired when Bonnell purchased Exal Aluminum, Inc., a Canada-based aluminum extruder. In 2000, he became the casting business manager for Bonnell. He was promoted to chief process officer in 2001 and held that position until March of 2005, when he was named manager of Bonnell's plant in Newnan, Ga. Mr. Crowdis was Exal's vice president of metal and business planning from 1994 to 1998. Prior to joining Exal, he was employed with Alcan Aluminum for 19 years in a variety of technical, operations, marketing and sales positions.
Mr. Crowdis received a bachelor's degree in engineering from Dalhousie University.
Headquartered in Newnan, Ga., Tredegar's Bonnell subsidiary is a major producer of soft-alloy aluminum extrusions primarily for the building and construction, distribution, transportation, electrical, machinery and equipment, and consumer durables markets. The company employs approximately 1,800 people at its facilities in Newnan, Ga.; Carthage, Tenn.; Kentland, Ind.; Pickering, Ontario; Richmond Hill, Ontario; Woodbridge, Ontario; and Ste-Therese, Quebec. Bonnell's 2004 net sales totaled $425 million.
Based in Richmond, Va., Tredegar Corporation is a global manufacturer of plastic films and aluminum extrusions. Tredegar is also developing and marketing bone graft substitutes through its Therics subsidiary.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
The words "believe," "hope," "expect," "are likely," and similar expressions identify "forward-looking" statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contained in the forward- looking statements, including without limitation the following:
Sales volume and profitability of Aluminum Extrusions is cyclical and highly dependent on economic conditions of end-use markets in the U.S. and Canada, particularly in the construction, distribution and transportation industries. Aluminum Extrusions' market segments are also subject to seasonal slowdowns during the winter months. The markets for Aluminum Extrusions' products are highly competitive with product quality, service, delivery performance and price being the principal competitive factors. Although Aluminum Extrusions targets complex, customized, service-intensive business compared to higher volume, standard extrusion applications, Aluminum Extrusions is under increasing domestic and foreign competitive pressures. Foreign imports, primarily from China, currently represent less than 5% of the North American aluminum extrusion market. Foreign competition to date has been primarily large volume, standard extrusion profiles that impact some of our less strategic end-use markets. Market share erosion in other end-use markets remains possible.
Future performance is also influenced by the costs incurred by Tredegar's businesses. There is no assurance that cost control efforts will offset cost increases or any additional declines in revenues. Likewise, there is no assurance of our ability to pass through to our customers cost increases in raw materials.
Tredegar does not undertake to update any forward-looking statement made in this press release to reflect any change in management's expectations or any change in conditions, assumptions or circumstances on which such statements are based.
SOURCE Tredegar Corporation -0- 06/15/2005 /CONTACT: Mitzi S. Reynolds of Tredegar Corporation, Phone: +1-804-330-1134, Fax: +1-804-330-1177, email@example.com / /Web site: http://www.tredegar.com / (TG) CO: Tredegar Corporation; William L. Bonnell Company ST: Virginia IN: MNG CHM SU: PER JL-PM -- DCW001 -- 3347 06/15/2005 09:00 EDT http://www.prnewswire.com