Lindsay Corporation Announces Organizational Changes In Infrastructure Business Segment
2009-06-12 23:05:03 -
Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, announced today that effective June 29, 2009, Thomas (Tom) D. Spears will join Lindsay Corporation as President - Infrastructure Business. For the past 11 years, Mr. Spears was employed by Valmont Industries, Inc., most recently as Group President of its North America Engineered Structures and Coatings business. Prior to joining Valmont Industries, Mr. Spears held various leadership positions at Emerson Electric Corporation and General Motors Corporation. In this newly created role of President - Infrastructure Business, Mr. Spears will be responsible for Barrier Systems, Inc.
(BSI), Snoline S.P.A., and Lindsay’s Diversified Manufacturing businesses.
Rick Parod, President and Chief Executive Officer of Lindsay Corporation, commented, “We are excited to have Tom join our team. As our infrastructure business has grown in size and breadth, it has become essential that we enhance our organization structure accordingly. With Tom’s exceptional experience and leadership skills, we are structured to support continued, profitable growth in this segment through improvements in efficiency, new products, and strategic acquisitions.”
Lindsay also announced today that effective June 12, 2009, Owen Denman, President and C.E.O. of BSI will step-down from his position due to a health issue. As he steps down from his day-to-day responsibilities, Mr.
Denman plans to continue to assist BSI and Lindsay Corporation by providing consulting services, as health permits. Also effective June 12, Chris Sanders will be promoted to President of BSI. Mr. Sanders has been with BSI since 1996, and has most recently served as Chief Operating Officer of BSI. Mr. Parod commented, “We would like to thank Owen for his many contributions to Barrier Systems and Lindsay. While Owen will be missed, Chris has demonstrated, during his tenure with BSI, his ability and readiness to assume leadership of the BSI organization.”
About the Company
Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy and labor. The Company also manufactures and markets infrastructure and road safety products through its wholly owned subsidiaries, Barrier Systems Inc. and Snoline S.P.A. At April 3, 2009, Lindsay had approximately 12.3 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.
For more information regarding Lindsay Corporation, see Lindsay's Web site at www.lindsay.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. . For more information on the Company’s infrastructure products, visit www.barriersystemsinc.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. and www.snoline.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .
Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that we file with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the company and those statements preceded by, followed by or including the words "anticipate," "estimate," "believe," "intend," "expectation," "outlook," "could," "may," "should," "will" or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company undertakes no obligation to update any forward-looking information contained in this press release.
Lindsay Corporation:Dave Downing, 402-827-6235CFO and
President - International DivisionorHalliburton Investor
Relations:Jeff Elliott or Geralyn DeBusk, 972-458-8000
