Timminco Limited

Timminco Limited

August 31, 2011 09:06 ET

Timminco Announces Additional Management Changes

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2011) - Timminco Limited ("Timminco") (TSX:TIM) announced today the following changes to its executive management team.

Peter Kalins has been appointed as President of Timminco, reporting to Doug Fastuca, Chief Executive Officer. Mr. Kalins has been General Counsel and Corporate Secretary of Timminco since September 2007, which positions he will continue to serve in addition to his new responsibilities as President.

Greg Donaldson has been appointed as Vice President, Finance and Controller of Timminco, also reporting to Mr. Fastuca, and will have responsibilities as Timminco's most senior financial officer. Mr. Donaldson was previously Manager, Treasury and Risk Management, a position he had held since starting with Timminco in September 2008. In addition to various corporate finance and accounting roles earlier in his career, Mr. Donaldson spent six years with PwC Canada in the Assurance and Financial Advisory Services groups.

"I am very pleased that Peter and Greg have agreed to assume expanded responsibilities within our organization and look forward to their contributions as part of the new management team's efforts to return Timminco to profitability" said Mr. Fastuca.

John Fenger has resigned as President and Chief Operating Officer of Timminco, to pursue other career opportunities. Mr. Fenger has agreed to serve as a senior advisor to Timminco for certain projects.

Rob Dietrich has resigned as Executive Vice President, Finance and Chief Financial Officer of Timminco, to pursue other career opportunities.

"I extend my sincere thanks to John and Rob for their many contributions to Timminco and wish them well in their new endeavours", said Heinz Schimmelbusch, Chairman of the Board.

Further information about Mr. Kalins and Mr. Donaldson, as well as other Timminco management changes and appointments, can be found on Timminco's website at www.timminco.com.


Timminco produces silicon metal for the chemical (silicones), aluminum and electronics/solar industries, through its majority owned joint venture with Dow Corning, known as Québec Silicon. Timminco is also a producer of solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar photovoltaic energy industry, through its wholly owned subsidiary Bécancour Silicon.


This news release contains "forward-looking information," as such term is defined in applicable Canadian securities legislation, concerning Timminco's future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might" "be taken", "occur" or "be achieved". In this news release, such information includes statements regarding Timminco management changes.

Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets, in which Timminco operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Timminco cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Timminco's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to: liquidity risks; foreign currency exchange rates; equipment failures, downtime or inefficiencies; dependence upon power supply for silicon metal production; pricing and availability of raw materials; global economic conditions; credit risk exposure; selling price of silicon metal; customer concentration; transportation delays and disruptions; class action lawsuits; contract termination claims; interest rates; future growth plans and strategic objectives; environmental, health and safety laws and liabilities; conflicts of interest; limited history with the solar grade silicon business; selling price of solar grade silicon; customer commitments; production cost targets; achieving and maintaining quality of solar grade silicon; customer capabilities in producing ingots; protection of intellectual property rights; production capacity expansion at the Bécancour facilities; closure of the magnesium facilities; investment in Applied Magnesium; insurance costs; government and economic incentives; dependence upon key executives and employees; completion and integration of potential acquisitions, partnerships or joint ventures; intellectual property infringement claims; and climate change. These factors are discussed in greater detail in Timminco's Annual Information Form for the year ended December 31, 2010, and in Timminco's most recent Management's Discussion and Analysis, each of which is available via the SEDAR website at www.sedar.com. Although Timminco has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this news release and Timminco disclaims any intention or obligation to update or revise such information, except as required by applicable law.

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