Business News
MISCOR Group Names Industry Veteran Frank Larkin as Executive Vice President of American Motive Power Business Unit
2008-08-20 15:05:00
SOUTH BEND, Ind., Aug. 20 /EMWNews/ -- Industrial services provider MISCOR Group, Ltd. (OTC Bulletin Board: MIGL) today announced it has named Frank Larkin as Executive Vice President for American Motive Power, Inc. (AMP) part of MISCOR's industry-leading Repair, Remanufacturing and Manufacturing Division (RRM). Larkin brings more than 30 years of mechanical and operational experience to his new role at MISCOR. "I am very excited about the addition of Frank to our team, and I look forward to the positive impact that he will have on the MISCOR railroad business," said Richard Tamborski, MISCOR's Executive Vice President and COO. "With deep experience in both freight and passenger rail, his broad knowledge base will play a key role in improving AMP's operational performance and customer development." Larkin most recently served as Vice President and General Manager of Locomotive Services at Progress Rail, a Caterpillar Company, where he was responsible for overall locomotive operations, including management of the Company's locomotive repair facilities. Larkin has also held leadership roles with Metro East Industries and Boise Locomotive. AMP provides services to repair and remanufacture locomotives and diesel engines for the rail industry from its 250,000-square-foot facility based in Dansville, New York, whose capacity enables AMP to service up to 20 locomotives simultaneously. AMP was acquired by MISCOR in January 2008. "Frank's global experience as a railway executive is a welcome addition to our management team," said John Martell, President and CEO of MISCOR. "His technical and operational knowledge along with his leadership ability will be immediately beneficial to our business and customers as we continue to solidify MISCOR's position as a leader in the rail industry."
About MISCOR South Bend, Ind.-based MISCOR Group, Ltd. (OTC BB: MIGL) provides electrical and mechanical solutions to industrial, commercial and institutional customers through two segments: RRM (repair, remanufacturing and manufacturing) segment, which provides maintenance and repair services for industrial motors, generators and lifting magnets, and diesel engine component manufacturing, remanufacturing and repair services; and CES (construction and engineering services) segment, which provides a wide range of electrical and mechanical contracting services and engineering and repair services for electrical power distribution systems. In 2007, MISCOR entered the wind power industry through its acquisition of 3-D Service, Ltd., providing up-tower and in-shop wind power service including comprehensive inspections; filter and lubricant replacement; bearing and slip ring replacement; coupling and gearbox service; balancing and alignment; predictive maintenance, and equipment repair and remanufacturing. MISCOR was ranked on the Inc. 500 in 2004 and 2005 and has grown to more than 600 employees in 14 locations nationwide. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "could," "will," or variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company's views, expectations and beliefs at the time such statements were made with respect to such matters, and may cover such items as the Company's future plans, objectives, events, contract pricing and results such as revenues, expenses, income, earnings per share, capital expenditures, operating margins, financial position, expected results of operations and other financial items. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and outcomes to differ materially from those described in the forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Risk Factors") that make the timing, extent, likelihood and degree of occurrence of these matters difficult to predict. Risk Factors include, among others: price of raw materials, ability to win and service competitively priced new contracts in sufficient amounts to operate and expand effectively, employee turnover, ability to compete in highly competitive, geographically diverse marketplaces, and varying and sometimes volatile economic conditions. For further discussion of risks and uncertainties, individuals should refer to the Company's SEC filings. MISCOR Group, Ltd. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release is issued. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
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