August 24, 2007 17:00 ET
TORONTO, ONTARIO--(Marketwire - Aug. 24, 2007) - Timminco Limited (TSX:TIM) announced today the initiation of a process to reorganize the management of its Magnesium business and its core Silicon and Solar Silicon businesses.
With the expansion of its Solar Silicon business, the Company believes that its Magnesium and Silicon-related businesses should operate independently of each other and pursue business strategies appropriate to their respective opportunities and resources.
To that end, Timminco is examining a number of strategic options. During this process the Magnesium business intends to continue to aggressively pursue its goal of achieving a low cost position in magnesium metal and its magnesium extruded products. Timminco is also evaluating its options with respect to supporting the Company's 47% equity investment in Fundo Wheels of Norway. While the Company is exploring its options, Fundo Wheels plans to continue to exploit its new patented hybrid wheel manufacturing technology.
As part of these changes, John Walsh will relinquish his role as President and Chief Executive Officer of Timminco and assume day to day leadership of the Magnesium business as President and Chief Executive Officer, replacing Tim Pretzer who is scheduled to retire in April 2008. Mr. Pretzer will report to Mr. Walsh as VP Strategic Projects, focusing his efforts on the development of the Company's magnesium supply chain in China and other international markets.
At its core Silicon and Solar Silicon business, Rene Boisvert has been named President and Chief Executive Officer.
Pending resolution of these strategic options, Dr. Heinz Schimmelbusch, Chairman of the Board of Directors of Timminco, will serve as the Chief Executive Officer of the Company. Reporting to Dr. Schimmelbusch will be Robert Dietrich, Executive Vice President Finance and Chief Financial Officer, Mr. Boisvert, Mr. Walsh and John Fenger, Vice President Aluminum Products.
TIMMINCO LIMITED is a leader in the production of silicon metal for the electronics, chemical and aluminum industries. The Company has also commenced production of solar grade silicon metal. Other businesses of the Company include its leading global position as a producer and marketer of magnesium, calcium and strontium alloys and magnesium extruded and fabricated products. The Company's products are used in a broad range of specialized industrial applications and industries such as electronics, solar energy, chemical, engineered extruded products, pharmaceutical, automotive and metallurgical. The Company's common shares are traded on the Toronto Stock Exchange under the symbol TIM.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements concerning the Company's business and operations. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Company's actual results could differ materially from those expressed or implied in such statements. Such statements include comments regarding the Company's plans respecting the Magnesium Group and/or Fundo Wheels during the period in which the Company examines and evaluates its strategic alternatives for such businesses.
Factors that may affect the Company, successful operations of the Company and the Company's ability to complete its strategy with respect to the Magnesium Group and/or Fundo Wheels include financial and operational risks inherent in the business, which include, but are not limited to: commodity prices, currency exchange, interest rates, capital, credit, regulatory, political, operational and environmental risks, and the performance of the Magnesium Group and/or Fundo Wheels. The Company takes specific measures to manage anticipated risks, and any forward-looking statements in this news release are based on the assumption of no significant changes or trends with respect such risk factors. However, there can be no assurance that future developments affecting the Company will be those anticipated by the Company. Although the Company maintains insurance against risks that are typical in its industry, such insurance may not provide adequate coverage under all circumstances. Reference should be made to the most recent Management Discussion and Analysis for a description of the major risk factors. The Company disclaims any duty to update forward-looking statements other than through relevant future Management Discussion and Analysis.
Timminco LimitedRobert Dietrich(416) 364-5171(416) 364-3451 (FAX)Email: firstname.lastname@example.org
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