Dynamic Materials Corporation Appoints New Chairman and Director Following Resignations of Directors Representing Former Majori
22 May 2006 - 11:00PM
PR Newswire (US)
BOULDER, Colo., May 22 /PRNewswire-FirstCall/ -- Dynamic Materials
Corporation ("DMC") (NASDAQ:BOOM), a leading provider of
explosion-welded clad metal plates and associated services, today
announced the appointments of independent director Dean Allen as
chairman of the board, and Yvon Cariou, the company's president and
CEO, as director. The appointments were made following the
resignation of four directors representing SNPE, Inc., the
company's former majority stockholder, which completed the sale of
its DMC shares last week. Resignations were tendered by Michel
Nicolas, who served as DMC's chairman since 2004; Michel Rieusset
and Francois Schwartz, who served as directors since 2004; and
Bernard Zeller, who joined the board in 2005. Nicolas is replaced
as Chairman by Allen, 70, who has served as an independent DMC
director since 1993. He is the past president of Parsons Europe,
Middle East and South Africa. Previously, he was vice president and
general manager of Raytheon Engineers and Constructors, Europe.
Yvon Cariou, 60, has served as DMC's president and chief executive
officer since 2000. Prior to joining the company, he provided
consulting services to the oil industry. He also was president and
CEO of Astrocosmos Metallurgical Inc., which designs and fabricates
process equipment for the chemical and pharmaceutical industries.
Cariou said the board currently expects to appoint an additional
independent director prior to the next stockholders' meeting, which
will be held in September or October of this year. DMC will reduce
the number of directors to five from the previous seven. "The
directors representing SNPE have provided DMC's board and
management team with considerable input over the years, and we
appreciate their contributions," Cariou said. "I am especially
excited about working with Dean Allen, our new chairman, who has
spent 13 years on our board and has a deep understanding of our
business and the industries we serve. Dean will continue to provide
valuable insight as we pursue a range of business development
initiatives and implement our strategy for the future." About
Dynamic Materials Corporation Based in Boulder, Colorado, Dynamic
Materials Corporation is a leading international metalworking
company. Its products include explosion-welded clad metal plates
and other metal fabrications for use in a variety of industries,
including upstream oil and gas, oil refinery, petrochemicals,
hydrometallurgy, aluminum production, shipbuilding, power
generation, industrial refrigeration and similar industries. The
company operates two business segments: Explosive Metalworking,
which uses proprietary explosive processes to fuse different metals
and alloys, and AMK Welding, which utilizes various technologies to
weld components for use in power-generation turbines, as well as
commercial and military jet engines. For more information, visit
the company's website at http://www.dynamicmaterials.com/. Except
for the historical information contained herein, this news release
contains forward-looking statements that involve risks and
uncertainties including, but not limited to, the following: our
ability to obtain new contracts at attractive prices; the size and
timing of customer orders and shipment; fluctuations in customer
demand; changes to customer orders; competitive factors; the timely
completion of contracts; the timing and size of expenditures; the
timely receipt of government approvals and permits; the adequacy of
local labor supplies at our facilities; current or future limits on
manufacturing capacity at our various operations; the availability
and cost of funds; and general economic conditions, both domestic
and foreign, impacting our business and the business of the
end-market users we serve; as well as the other risks detailed from
time to time in the company's SEC reports, including the report on
Form 10-K for the year ended December 31, 2005. DATASOURCE: Dynamic
Materials Corporation CONTACT: Geoff High of Pfeiffer High Investor
Relations, Inc., +1-303-393-7044, for Dynamic Materials Corporation
Web site: http://www.dynamicmaterials.com/
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