SOURCE: MFRI

MFRI

September 18, 2015 08:35 ET

MFRI Board of Directors Announces David S. Barrie Elected Independent Chairman

Succeeds David Unger, Who Will Continue to Serve as Director

NILES, IL--(Marketwired - Sep 18, 2015) - MFRI, Inc. (NASDAQ: MFRI), a leading manufacturer of specialty piping systems and industrial filtration products, announced today the election of David S. Barrie to the position of independent chairman. Mr. Barrie succeeds David Unger, who served as chairman of the board since 1989 and will continue to serve as a director. Dennis Kessler, who served as lead independent director since 2009, will also continue to serve on MFRI's board.

CEO Bradley Mautner commented, "This transition demonstrates MFRI's commitment to a number of core values, including succession planning and continuous improvement of our board practices. David Barrie has been a director of MFRI since 2012 and, through his broad range of domestic and international experience, has consistently offered valuable advice and counsel. He brings a superb blend of strategic, operational and M&A experience to his new role."

Mr. Mautner continued, "David Unger's service to MFRI spans almost six decades. It would be impossible to overstate his impact on the company and the contributions he has made. During his tenure with MFRI and its predecessors, MFRI grew from a local Chicago-area company to a global enterprise; from 60 employees to more than 1,200; and from sales of less than $5 million to $195 million in fiscal 2014/5. I want to express our heartfelt thanks to David for his tremendous contributions and dedication to our business. We will continue to benefit from his deep experience and insights into MFRI's operations and strategies."

Mr. Barrie is principal of Barrie International, LLC, which provides strategic and operational consulting to companies in the U.S. and abroad, including NYSE-listed companies and international advisory firms. From 1984 to 2009, Mr. Barrie worked for Eaton Corporation PLC, a manufacturer of engineered products for the industrial, vehicle construction, commercial and aerospace markets, and a predecessor company, with progressive responsibilities in law, internal audit, corporate development and operational management.

Mr. Barrie received a Bachelor of Arts degree from Kenyon College in 1974 and a Juris Doctor in law from Cornell University in 1978.

MFRI, Inc.
MFRI, Inc. manufactures pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling as well as other applications. The Company also manufactures custom-designed industrial filtration products to remove particulates from air and other gas streams. In total, MFRI has operations in 10 locations in six countries. For more information, visit the Company's website at www.mfri.com or contact its investor relations representative, LHA.

Forward-Looking Statements
Statements and other information contained in this announcement that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, raw material availability and prices, global interest rates, currency exchange rates, labor relations and other risk factors.