Harold Bevis, Xerium CEO and President, announced today the restructuring of our European Executive and Global Technical Leadership functions. With these strategic changes, Mr. Bevis announced the creation of the new position of President of Xerium Europe and the new position of Chief Technology Officer.
Filling the position of President of Xerium Europe comes with the promotion of David Pretty. Mr. Pretty will be responsible for all of Xerium’s business in Europe. This adds to Mr. Pretty’s previous responsibilities of President of Xerium North America and President of Xerium PMC Europe. Mr. Pretty’s new title will be President of Xerium North America and Europe and all European operations will now report to him.
Harold Bevis said, “Xerium is committed to leveraging its customer relationships, best practices and cost optimization across the globe. Europe is an extremely important market for Xerium and we are committed to growing our business there and unifying our activities. This move simplifies our operating structure and simplifies our customer activities and relationships. Furthermore, we wish to optimize cost structures and outcomes across our developed markets of North America and Europe. This organizational correction is part of achieving that objective.”
David Pretty said, “Xerium is a market leader in Europe and committed to growing there. As our product and services offerings continue to bundle, it is very natural to organizationally align in this manner. We have strong teams and excellent customer relationships already and we are going to add to those. I am happy to be leading the combined North American and European teams. These are key markets for us to lead and excel in.”
Filling the position of Chief Technology Officer comes with the promotion of Bill Butterfield. Mr. Butterfield will be responsible for all of Xerium’s technology programs – research, new product development, manufacturing technology, the company’s labs, the company’s university programs and the company’s technical intern programs.
Harold Bevis said “Xerium has three objectives with this move. First, Xerium is continuing its commitment to be a clear leader in its current product offerings. Second, the company is committed to pursuing growth in new, non-traditional markets. Third, the company is underway with a very technical approach to lowering its costs both through waste reduction and through new manufacturing approaches. Bill is a 35 year technical veteran in the industry and a giant asset to our leadership team. I am thankful that Bill will be expanding and leading our technical efforts.”
Bill Butterfield said, “I am excited to lead the technical efforts of Xerium. We have a long history of leadership and we are committed to continuing it. Parallel advances in product technology, manufacturing technology and cost reduction are our consistent objectives. Xerium has approximately 370 patents issued and/or underway and I look forward to being the steward of that portfolio of intellectual property and adding significantly to it. We have a full slate of advancements underway and it is an exciting time to be the leader of technology at Xerium.”
ABOUT XERIUM TECHNOLOGIES
Xerium Technologies, Inc. (NYSE:XRM) is a leading global manufacturer of specially engineered fabrics, belts and roll cover technology used in the production of paper, paperboard, building products, non-wovens, and specific industrial processes. The Company, which operates around the world under a variety of brand names, utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 28 manufacturing facilities in 13 countries around the world, Xerium has approximately 3,275 employees.
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. These risks and uncertainties include the following items: (1) a sustained downturn in the paper industry, compounded by uncertainty in global economic conditions, particularly those stemming from Europe, could adversely affect our revenues and profitability; (2) our cost reduction efforts may not have the positive impacts we anticipate; (3) our financial results could be adversely affected by fluctuations in interest rates and currency exchange rates, for instance a marked decline in the value of the Euro relative to the U.S. Dollar stemming from the European sovereign debt crisis; (4) market improvement in our industry may occur more slowly than we anticipate, may stall or may not occur at all; (5) variations in demand for our products, including our new products, could negatively affect our revenues and profitability; (6) our manufacturing facilities may be required to quickly increase or decrease production, which could negatively affect our production facilities, customer order lead time, product quality, labor relations or gross profits; (7) our plans to develop and market new products, enhance operational efficiencies, and reduce costs may not be successful; and (8) the other risks and uncertainties discussed elsewhere in this press release, our Form 10-K for the year ended December 31, 2012 filed on March 11, 2013 and our other SEC filings. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this press release reflects our current views with respect to future events. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise. As discussed above, we are subject to substantial risks and uncertainties related to current economic conditions, and we encourage investors to refer to our SEC filings for additional information. Copies of these filings are available from the SEC and in the investor relations section of our website at www.xerium.com.
Phillip B. Kennedy, 919-526-1444