WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Jun. 14, 2016--
Handy & Harman Ltd. (NASDAQ:HNH) (“HNH”), a diversified global
industrial company, announced today, following the successful completion
of its acquisition of SL Industries, Inc. (“SLI”), a leading
manufacturer of high-performance power solutions, that the Board of
Directors of HNH has appointed SLI’s President & Chief Executive
Officer, William T. Fejes, Jr., to the role of SVP of HNH and
co-President & Chief Executive Officer of Handy & Harman Group Ltd.
(“Group”). Jeffrey A. Svoboda, currently SVP of HNH and President &
Chief Executive Officer of Group, has been promoted to Vice Chairman of
Steel Partners Holdings L.P. (NYSE: SPLP) (“Steel Partners Holdings”),
and Svoboda will serve as co-President & Chief Executive Officer of
Group for a transitional period ending in October 2016. Steel Partners
Holdings owns approximately 70% of HNH’s outstanding common stock.
Warren Lichtenstein, Chairman of HNH, said, “After being investors in
SLI for over 25 years, we are thrilled to welcome SLI into the Steel
Partners family, and the management changes we are announcing today are
part of the exciting synergies and growth opportunities that we expect
to develop out of this transaction.”
Statements in this press release regarding future financial and
operating results, benefits of the transaction between HNH and SLI,
future opportunities for HNH’s and SLI’s businesses and any other
statements by management of HNH and SLI concerning future expectations,
beliefs, goals, plans or prospects constitute forward-looking statements.
Generally, forward-looking statements include expressed expectations,
estimates and projections of future events and financial performance and
the assumptions on which these expressed expectations, estimates and
projections are based. Statements that are not historical facts,
including statements about the beliefs and expectations of the parties
and their management, are forward-looking statements. All
forward-looking statements are inherently uncertain as they are based on
various expectations and assumptions about future events, and they are
subject to known and unknown risks and uncertainties and other factors
that can cause actual events and results to differ materially from
historical results and those projected. Risks and uncertainties
include the ability of HNH to successfully integrate SLI’s business and
the risk that the expected benefits of the transaction may not be
realized or maintained.
A further list and description of additional business risks,
uncertainties and other factors can be found in HNH’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2015, SLI’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2015, as well
as other filings by HNH and SLI with the SEC. Copies of these filings,
as well as subsequent filings by HNH, are available online at www.sec.gov.
Many of the factors that will determine the outcome of the transaction
are beyond HNH’s or SLI’s ability to control or predict. Neither HNH nor
SLI undertakes to update any forward-looking statements as a result of
new information or future events or developments.
About Handy & Harman Ltd.
Handy & Harman Ltd. is a diversified manufacturer of engineered niche
industrial products with leading market positions in many of the markets
it serves. Through its wholly-owned operating subsidiaries, HNH focuses
on high margin products and innovative technology and serves customers
across a wide range of end markets. HNH’s diverse product offerings are
marketed throughout the United States and internationally.
HNH sells its products and services through direct sales forces,
distributors, and manufacturer's representatives. HNH serves a diverse
customer base, including the construction, electrical, electronics,
transportation, power control, utility, medical, oil and gas
exploration, aerospace and defense, and food industries.
HNH’s business strategy is to enhance the growth and profitability of
the HNH business units and to build upon their strengths through
internal growth, the Steel Business System and strategic acquisitions.
Management expects HNH to continue to focus on high margin products and
innovative technology. Management has evaluated and will continue to
evaluate, from time to time, potential strategic and opportunistic
acquisition opportunities, as well as the potential sale of certain
businesses and assets.
HNH is based in White Plains, N.Y., and its common stock is listed on
the NASDAQ Capital Market under the symbol HNH. Website: www.handyharman.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160614006442/en/
Source: Handy & Harman Ltd.
For Handy & Harman Ltd.:
Douglas Woodworth, 212-520-2300
Vice President and Chief Financial Officer