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Esco issues new guidelines for executive stock ownership
May 2000
Filtration Industry Analyst
PEOPLE • Fedders Corp has appointed Paul Tarashuk as vice president of Quality. Reporting to chief executive officer Sal Giordano, Tarashuk has global quality responsibility for the company's product line an implementing performance i n i t i a t i v e s . • Ian Woodward has been appointed as sales director for FUtermist International. This new appointment is said to form part of the company's major growth strategy for the supply of filtration systems to the UK's metalworking market. Woodward will have overall responsibility for sales, the UK sales team and brand develop-ment through the distributor network. • Richard Tipton has joined Water Pik Technologies Inc as vice president, general counsel and secretary. Prior to joining Water Pik Technologies, Tipton was vice president, general counsel and secretary at Data Processing Resources Corp, a US$450 million information technology services company, with headquarters in Irvine, CA. • Lydall Inc has announced that Walter Ruschmeyer has joined the company as executive vice president - Finance and Administration, and chief financial officer (CFO). Ruschmeyer, who has been interim CFO of Lydall since mid-January, has over 25 years of experience as a financial executive. The company has also announced that Mona Estey has been promoted to vice presidentHuman Resources and that Richard Kopp has joined the company as chief information officer (CIO). Kopp has been serving as interim CIO of Lydall since September 1999. • The board of directors of Clarcor Inc has appointed Norman Johnson (51) as
chairman, president and chief executive officer at the company's annual meeting. Lawrence Gloyd (67), retired as chairman and chief executive officer after serving Clarcor for 16 years. The board named Gloyd as chairman emeritus and he will continue to serve on Clarcor's board of directors. Gloyd's retirement and Johnson's appointment to succeed him were part of a succession plan adopted by Clarcor's board of directors five years ago. • Speetrum Arabieh Inc's senior advisor, Ali Abood, a well-known international sales consultant, has been appointed to the company's board of directors. He will lead the new corporate sales office to be opened in Dubai, United Arab Emirates. • Three key managerial appointments have been made at Ionics Inc. Alan Crosby (48) has been appointed vice president, Consumer Water Group; Michael Routh (52) has been appointed vice president, Instrument Business Group; and Steaphen Dickinson (52) has been appointed vice president and chief information officer. Crosby, who has held a variety of management positions at Ionics over a 22 year period, will have overall management responsibility for Ionics Aqua Cool Pure Bottled Water product line, as well as Ionics' line of under the sink and point of entry water purifiers and conditioners for the house. Routh joins Ionics from Bio-Rad Labs where his most recent assignment was general manager, Spectroscopy Division. • Don Schortgen has resigned as vice president and chief financial officer of Iteq Inc. Schortgen has accepted a position as division president of another unamed company.
SPECTRUM ANNOUNCES CHANGES Spectrum Arabieh Inc, a wholly owned subsidiary of Spectrum Oil Corp, has announced a series of developments designed to accelerate sales of its solution to the growing world water shortage crisis. Spectrum, which has exclusive representation in 189 countries for the water treatment advancement PIMA (Photonic Ionization, Manipulation and Augmentation) Seawater Desalination, will change its name to Spectrum Water International Inc. The company has also established a new corporate sales office in Dubai. According to the company's senior advisor, Ali Abood, establishing an office in this region will enable the company to effectively and quickly sell PIMA Desalination technology to Arabian Gulf and Northern African countries that desperately need this advancement.
ITEQ SELLS HMT Iteq Inc has completed the previously announced sale of its HMT operating unit to a company organized by Nassau Point Investors LLC for US$40 million (Filtration Industry Analyst, March 2000). The net proceeds of the sale will be used by ITEQ to further reduce its indebtedness. For the year ended 31 December 1999, HMT generated revenue of approximately US$54 million and operating income of approximately US$6 million. Bill Reid, chief executive officer of Iteq said, "This sale represents the last step in Iteq's announced restructuring and debt reduction plan. Iteq has reduced its debt by over 50% since the adoption of the restructuring plan in September 1999." Reid went on to say, "With a lower debt level and a more narrow business focus,
the company should be well positioned to capitalize on the expected industry recovery in its markets." ITEQ has been experiencing increasing levels of business activity in its filtration business; however, the petrochemical markets have yet to respond to the increased price of crude. Reid is optimistic that by focusing on the heat exchanger and air filtration business units, Iteq can begin to rebuild shareholder value.
ESCO ISSUES N E W GUIDELINES F O R EXECUTIVE STOCK OWNERSHIP New stock ownership guidelines have been announced for certain senior executives of Esco Electronics Corp. The guidelines are intended to more closely align the financial interests of management with those of other shareholders. In February 2000, the company's board of directors adopted broadly based stock ownership guidelines for eight senior executives. Under the guidelines adopted by the board, the company's chief executive officer is expected to own ESCO common stock having an aggregate market value equal to five times annual cash compensation. The seven other senior executives are expected to own Esco common stock having an aggregate market value equal to three times annual cash compensation. Participants are expected to reach their respective goals within the three-year period ending September 2002. Unexercised stock options are not counted toward achieving these targets. Management is committed to achieving the stock ownership goals through a combination of means including open market purchases, exercise of stock options, and the earning of performance shares.
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Filtration Industry Analyst
PEOPLE • Fedders Corp has appointed Paul Tarashuk as vice president of Quality. Reporting to chief executive officer Sal Giordano, Tarashuk has global quality responsibility for the company's product line an implementing performance i n i t i a t i v e s . • Ian Woodward has been appointed as sales director for FUtermist International. This new appointment is said to form part of the company's major growth strategy for the supply of filtration systems to the UK's metalworking market. Woodward will have overall responsibility for sales, the UK sales team and brand develop-ment through the distributor network. • Richard Tipton has joined Water Pik Technologies Inc as vice president, general counsel and secretary. Prior to joining Water Pik Technologies, Tipton was vice president, general counsel and secretary at Data Processing Resources Corp, a US$450 million information technology services company, with headquarters in Irvine, CA. • Lydall Inc has announced that Walter Ruschmeyer has joined the company as executive vice president - Finance and Administration, and chief financial officer (CFO). Ruschmeyer, who has been interim CFO of Lydall since mid-January, has over 25 years of experience as a financial executive. The company has also announced that Mona Estey has been promoted to vice presidentHuman Resources and that Richard Kopp has joined the company as chief information officer (CIO). Kopp has been serving as interim CIO of Lydall since September 1999. • The board of directors of Clarcor Inc has appointed Norman Johnson (51) as
chairman, president and chief executive officer at the company's annual meeting. Lawrence Gloyd (67), retired as chairman and chief executive officer after serving Clarcor for 16 years. The board named Gloyd as chairman emeritus and he will continue to serve on Clarcor's board of directors. Gloyd's retirement and Johnson's appointment to succeed him were part of a succession plan adopted by Clarcor's board of directors five years ago. • Speetrum Arabieh Inc's senior advisor, Ali Abood, a well-known international sales consultant, has been appointed to the company's board of directors. He will lead the new corporate sales office to be opened in Dubai, United Arab Emirates. • Three key managerial appointments have been made at Ionics Inc. Alan Crosby (48) has been appointed vice president, Consumer Water Group; Michael Routh (52) has been appointed vice president, Instrument Business Group; and Steaphen Dickinson (52) has been appointed vice president and chief information officer. Crosby, who has held a variety of management positions at Ionics over a 22 year period, will have overall management responsibility for Ionics Aqua Cool Pure Bottled Water product line, as well as Ionics' line of under the sink and point of entry water purifiers and conditioners for the house. Routh joins Ionics from Bio-Rad Labs where his most recent assignment was general manager, Spectroscopy Division. • Don Schortgen has resigned as vice president and chief financial officer of Iteq Inc. Schortgen has accepted a position as division president of another unamed company.
SPECTRUM ANNOUNCES CHANGES Spectrum Arabieh Inc, a wholly owned subsidiary of Spectrum Oil Corp, has announced a series of developments designed to accelerate sales of its solution to the growing world water shortage crisis. Spectrum, which has exclusive representation in 189 countries for the water treatment advancement PIMA (Photonic Ionization, Manipulation and Augmentation) Seawater Desalination, will change its name to Spectrum Water International Inc. The company has also established a new corporate sales office in Dubai. According to the company's senior advisor, Ali Abood, establishing an office in this region will enable the company to effectively and quickly sell PIMA Desalination technology to Arabian Gulf and Northern African countries that desperately need this advancement.
ITEQ SELLS HMT Iteq Inc has completed the previously announced sale of its HMT operating unit to a company organized by Nassau Point Investors LLC for US$40 million (Filtration Industry Analyst, March 2000). The net proceeds of the sale will be used by ITEQ to further reduce its indebtedness. For the year ended 31 December 1999, HMT generated revenue of approximately US$54 million and operating income of approximately US$6 million. Bill Reid, chief executive officer of Iteq said, "This sale represents the last step in Iteq's announced restructuring and debt reduction plan. Iteq has reduced its debt by over 50% since the adoption of the restructuring plan in September 1999." Reid went on to say, "With a lower debt level and a more narrow business focus,
the company should be well positioned to capitalize on the expected industry recovery in its markets." ITEQ has been experiencing increasing levels of business activity in its filtration business; however, the petrochemical markets have yet to respond to the increased price of crude. Reid is optimistic that by focusing on the heat exchanger and air filtration business units, Iteq can begin to rebuild shareholder value.
ESCO ISSUES N E W GUIDELINES F O R EXECUTIVE STOCK OWNERSHIP New stock ownership guidelines have been announced for certain senior executives of Esco Electronics Corp. The guidelines are intended to more closely align the financial interests of management with those of other shareholders. In February 2000, the company's board of directors adopted broadly based stock ownership guidelines for eight senior executives. Under the guidelines adopted by the board, the company's chief executive officer is expected to own ESCO common stock having an aggregate market value equal to five times annual cash compensation. The seven other senior executives are expected to own Esco common stock having an aggregate market value equal to three times annual cash compensation. Participants are expected to reach their respective goals within the three-year period ending September 2002. Unexercised stock options are not counted toward achieving these targets. Management is committed to achieving the stock ownership goals through a combination of means including open market purchases, exercise of stock options, and the earning of performance shares.
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