Royal Group appoints Tom Cryer as a director
10 August 2005 - 4:56AM
PR Newswire (US)
TORONTO, Aug. 9 /PRNewswire-FirstCall/ -- Royal Group Technologies
Limited (RYG-TSX; RYG-NYSE) today announced the appointment of
Thomas W. Cryer to its Board of Directors. Mr. Cryer's appointment
is the most recent step in Royal Group's board renewal, joining
four other new independent directors who were added to the Board in
May. He has also agreed to serve on Royal Group's audit committee
which is chaired by Graham Savage. "Mr. Cryer is a truly great
addition to Royal Group's Board of Directors as we will be able to
call on his nearly four decades of experience in the accounting
profession, including a series of progressively senior executive
responsibilities at Deloitte and Touche, where he was a partner,"
said Robert Lamoureux, Chairman of Royal Group's Board. "During his
career at Deloitte and Touche and elsewhere, he has operated in
regional and global business environments, and been actively
involved in dealing with current governance and financial reporting
issues and requirements." Mr. Cryer is currently the Executive
Chairman of Deloitte and Touche's captive global insurance company,
Nautilus Indemnity Holdings, chairing a Board comprising leaders
from 13 countries in overseeing its operations. Born in Vancouver,
Mr. Cryer earned a Bachelor of Commerce degree from the University
of British Columbia and subsequently earned the Chartered
Accountant designation in British Columbia. The Ontario Institute
of Chartered Accountants awarded him the designation of Fellow
Chartered Accountant in 1991, recognizing his professional
experience. With Deloitte and Touche, Mr. Cryer's responsibilities
have ranged from being an audit partner and working on mergers and
acquisitions early in his career to a series of senior positions,
including serving as a member of its executive committee and Board
of Directors; Chief Executive and Managing Partner, Canada
(1988-1996); Chairman of the Canadian operations (1997-1998);
Global Managing Partner, Assurance and Advisory Services; Managing
Partner, Latin America and Caribbean and Chairman, Latin America
Board of Management. Mr. Cryer also is or has been active with an
extensive number of professional associations and charitable
organizations, including The Canadian Council of CEOs, World
Economic Forum, the Institutes of Chartered Accountants in B.C. and
Ontario, the Canadian Mental Health Association, and St. John's
Ambulance, which presented him with its Order of St. John merit
award for outstanding community service. Royal Group Technologies
is a manufacturer of innovative, polymer-based home improvement,
consumer, and construction products. The company has extensive
vertical integration, with operations dedicated to provision of
materials, machinery, tooling, real estate, and transportation
services to its plants producing finished products. Royal Group's
manufacturing facilities are primarily located throughout North
America, with international operations in South America, Europe,
and Asia. Additional investment information is available on Royal
Group's web site at http://www.royalgrouptech.com/ under the
"Investor Relations" section. The information in this document
contains certain forward-looking statements with respect to Royal
Group Technologies Limited, its subsidiaries and affiliates. These
statements are often, but not always made through the use of words
or phrases such as "expect", "should continue", "continue",
"believe", "anticipate", "estimate", "contemplate", "target",
"plan", "budget", "may", "will", "schedule", and "intend" or
similar formulations. By their nature, these forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management, are
inherently subject to significant, known and unknown, business,
economic, competitive and other risks, uncertainties and other
factors affecting Royal Group specifically or its industry
generally that could cause actual performance, achievements and
financial results to differ materially from those contemplated by
the forward-looking statements. These risks and uncertainties
include the ongoing shareholder value maximization process and its
outcome; the outcome of the ongoing internal review and
investigations by the Special Committee of the Board of Directors;
the outcome of the ongoing assessment and review of the Royal
Building System's compliance with the smoke generated elements of
the US building code and the safety of buildings constructed with
the Royal Building System; fluctuations in the level of renovation,
remodelling and construction activity; changes in product costs and
pricing; an inability to achieve or delays in achieving savings
related to the cost reductions or increases in revenues related to
sales price increases; the sufficiency of our restructuring
activities, including the potential for higher actual costs to be
incurred in connection with restructuring activities compared to
the estimated costs of such actions; the ability to recruit and
retain qualified employees; the level of outstanding debt and our
current debt ratings; the ability to meet the financial covenants
in our credit facilities; changes in product mix; the growth rate
of the markets into which Royal Group's products are sold; market
acceptance and demand for Royal's products; changes in availability
or prices for raw materials; pricing pressures resulting from
competition; difficulty in developing and introducing new products;
failure to penetrate new markets effectively; the effect on foreign
operations of currency fluctuations, tariffs, nationalization,
exchange controls, limitations on foreign investment in local
business and other political, economic and regulatory risks;
difficulty in preserving proprietary technology; adverse resolution
of any litigation, investigations, administrative and regulatory
matters, intellectual property disputes, or similar matters;
changes in securities or environmental laws, rules and regulations;
currency risk exposure and other risks described from time to time
in publicly filed disclosure documents and securities commission
reports of Royal Group Technologies Limited and its subsidiaries
and affiliates. In view of these uncertainties we caution readers
not to place undue reliance on these forward-looking statements.
Statements made in this document are made as at August 9, 2005 and
Royal disclaims any intention or obligation to update or revise any
statements made herein, whether as a result of new information,
future events or otherwise. DATASOURCE: Royal Group Technologies
Limited CONTACT: Mark Badger, Vice President of Marketing and
Corporate Communications, Royal Group Technologies Limited, Phone
(905) 264-0701
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