Ampco-Pittsburgh Announces Agreement to Increase Size of Its Board of Directors
13 Februar 2014 - 4:49PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) today announced that it
has agreed to support the nominees recommended by GAMCO Asset
Management Inc., which, along with its affiliates, beneficially
owns approximately 17% of the Corporation’s outstanding common
stock. At its meeting scheduled to occur on February 27, 2014, the
Corporation’s Board of Directors will expand from nine members to
eleven members and appoint James J. Abel and Michael I. German
(candidates which GAMCO had announced that it intended to nominate
for election as directors to the Corporation’s Board of Directors
at the Corporation’s 2014 Annual Meeting of Shareholders) to fill
the two vacancies.
Robert A. Paul, Chairman and Chief Executive Officer, said, “We
have engaged in productive discussions with GAMCO about our
business and long-term prospects. We are pleased that our
commitment to constructive engagement with our largest shareholder
has allowed us to reach a cooperative agreement which we believe is
in the best interests of our shareholders. We look forward to
welcoming our new directors and having their experience and
expertise complement the contributions of our continuing directors
as we strive to create meaningful long-term value for all
Ampco-Pittsburgh shareholders. Our Board and management team remain
committed to continued operational improvement, generating
profitable growth and disciplined execution of our business
strategies."
Ampco-Pittsburgh Corporation is a leading producer of forged and
cast rolling mill rolls for the worldwide steel and aluminium
industries. It is also a producer of air and liquid processing
equipment.
The matters discussed herein may contain forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from expectations. Some
of these risks are set forth in the Corporation’s Annual Report on
Form 10-K as well as the Corporation’s other reports filed with the
Securities and Exchange Commission.
Ampco-Pittsburgh CorporationRose Hoover, Executive Vice
President & Chief Administrative Officer,
412-456-4418rhoover@ampcopgh.com
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