- New Leaders Appointed in the Company's Recycling, Extrusions Businesses
CLEVELAND, Jan. 8, 2013 /PRNewswire/ -- Aleris announced today that it is restructuring the leadership of its Global Recycling business and K. Alan Dick, executive vice president and chief executive officer of Global Recycling, is leaving the company. Moving forward, the company's recycling business will be led by Terrence J. Hogan, senior vice president and general manager of Recycling and Specification Alloys Americas and Russell Barr, vice president and general manager of Recycling Europe. Both leaders will now report directly to Steve Demetriou, Aleris chairman and chief executive officer.
"Given the dynamics of the recycling business, we believe this regional leadership structure is more effective for this business segment," Demetriou said. "As the largest merchant aluminum recycler and supplier of specification alloys in the United States and Europe, Aleris Recycling continues to be a strategically important part of our business, and we are confident that these changes will only enhance our ability to meet customer needs."
Alan Dick has been with the company for 14 years, and was a key contributor in the merger of Commonwealth Industries and IMCO Recycling, which created Aleris in 2004. Prior to leading the Global Recycling business, Dick served as executive vice president and president for Rolled Products North America. He previously served as senior vice president of Global Metals Procurement and vice president of Metals Sourcing. Dick also held various leadership roles with Commonwealth Industries prior to the formation of Aleris.
"Alan has played a significant role in the success of Aleris, helping us build a solid foundation for future growth," Demetriou said. "I will miss having him on my leadership team, and wish him all the best for future success."
Hogan, who has more than 30 years of experience in the industry, has been with Aleris in his current position since 2006, following the company's acquisition of Alumitech, of which Hogan was president. Barr most recently served as vice president and general manager of the company's Extrusions business. Prior to that, Barr served as director of Non-Metals Purchasing Europe. With Barr's appointment, Mike Keown has been named vice president and general manager of Extrusions. Keown, who has been with Aleris for 15 years, previously served as vice president of Supply Chain for Aleris Global Rolled and Extruded Products, and before that held positions of increasing responsibility in finance, metal procurement and supply chain.
"Terry, Russell, and Mike each have deep industry expertise and a strong track record with Aleris," said Demetriou. "I am confident that under their leadership we will see both the Recycling and the Extrusions businesses thrive."
Aleris is focused on realizing the significant potential of aluminum for our customers and our world. A global leader in aluminum rolled and extruded products, aluminum recycling and specification alloy manufacturing, Aleris products are used by manufacturers in almost every industry. Headquartered in Cleveland, Ohio, the company has approximately 7,300 employees and operates more than 41 production facilities in North America, Europe and Asia. For more information, visit www.aleris.com [http://www.aleris.com/].
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words "may," "could," "would," "should," "will," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "look forward to," "intend" and similar expressions intended to connote future events and circumstances constitute forward-looking statements. Forward-looking statements include statements about, among other things, future costs and prices of commodities, production volumes, industry trends, demand for our products and services, anticipated cost savings, anticipated benefits from new products or facilities, and projected results of operations. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in or implied by any forward-looking statement. Important factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: (1) our ability to successfully implement our business strategy; (2) the cyclical nature of the aluminum industry, our end-use segments and our customers' industries; (3) our ability to fulfill our substantial capital investment requirements; (4) variability in general economic conditions on a global or regional basis; (5) our ability to retain the services of certain members of our management; (6) our ability to enter into effective metal, natural gas and other commodity derivatives or arrangements with customers to manage effectively our exposure to commodity price fluctuations and changes in the pricing of metals; (7) our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur; (8) increases in the cost of raw materials and energy; (9) the loss of order volumes from any of our largest customers; (10) our ability to retain customers, a substantial number of whom do not have long-term contractual arrangements with us; (11) our ability to generate sufficient cash flows to fund our capital expenditure requirements and to meet our debt service obligations; (12) competitor pricing activity, competition of aluminum with alternative materials and the general impact of competition in the industry segments we serve; (13) risks of investing in and conducting operations on a global basis, including political, social, economic, currency and regulatory factors; (14) current environmental liabilities and the cost of compliance with and liabilities under health and safety laws; (15) labor relations (i.e., disruptions, strikes or work stoppages) and labor costs; (16) our levels of indebtedness and debt service obligations; (17) the possibility that we may incur additional indebtedness in the future; (18) limitations on operating our business as a result of covenant restrictions under our indebtedness; and (19) other factors discussed in our filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" contained therein. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether in response to new information, futures events or otherwise, except as otherwise required by law.
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