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Monday June 4, 8:01 am Eastern Time
Press Release
Prodesco Announces Organizational Changes
PERKASIE, Pa.--(BW HealthWire)--June 4, 2001--Prodesco Corporation, a leading manufacturer of high end industrial and medical textiles, today announced the following executive changes:
T. Nash Broaddus, majority owner and Chairman for more than 25 years has transitioned from Chairman of the Board to Chairman Emeritus. A native of Richmond, Virginia, Broaddus is a graduate of University of Richmond. He served his country in both World War II and the Korean conflict as a sea-going Naval Officer.
Robert J. Sievers, President and CEO since 1993 will assume the role of Chairman of the Board. Prior to joining Prodesco in 1988, he spent 33 years with the Du Pont Corporation, holding positions that included President of Du Pont Japan. Mr. Sievers is a graduate of the Polytechnic Institute of Brooklyn.
Stephen K. Chadwick, who joined the company as Chief Operating Officer in 1992 has been appointed President and CEO. He is a 1962 graduate of the U. S. Naval Academy and transferred to the Navy's retired list with the rank of Rear Admiral in 1990.
Thomas R. Molz has been appointed to the position of Executive Vice President.
E. Skott Greenhalgh, Ph.D., has been appointed to the position of Vice President of Engineering.
Thomas E. Dertouzos has been appointed to the position of Vice President of Finance.
``We are very pleased that Nash, in his new role as Chairman Emeritus, will continue to provide guidance and counsel to the company. Under his leadership Prodesco has enjoyed significant growth, and now has a worldwide reputation for supplying highly engineered textile-structures for industrial and medical applications. Our Medical Division has become the premiere developer and manufacturer of textile components for use in the growing demand for medical devices implanted in the body'', according to Bob Sievers.
Prodesco, Inc., headquartered in Perkasie, Pennsylvania, has become a leading developer and manufacturer of highly engineered fabrics for demanding applications in the medical device, aerospace, and industrial markets. The Company's fabrics are found in arterial grafts, such as the groundbreaking abdominal aortic aneurysm (AAA) stent-grafts, in hernia mesh, and in many other medical applications that not only improve the results of difficult surgical procedures but also cut recovery time by enabling less invasive procedures. Similarly, the Company's fabrics are a part of the space shuttle and numerous other aerospace applications and also are a critical component in membranes used in the production of chlorine and caustic soda throughout the world.
Prodesco was established in 1943 to provide research, design, and engineering expertise to specialty textile manufacturers. Nash Broaddus purchased the company in 1975 and set a new course for Prodesco, while leveraging the skills and capabilities that were resident in the organization. Since then, the Company has demonstrated a strong track record of product innovation. This focus on innovation is evident in the Company's long history of industry firsts, which include the development of the first astronaut spacesuit fabric, the joint development of Kevlar anti-ballistic fabrics, and the development of unique gold-plated mesh for communication equipment.
While Prodesco has historically concentrated on industrial markets, during the past five years the Company has begun to focus its growth strategy and concentrate on the rapidly growing medical device market. In order to enter this market, Prodesco became ISO 9001 registered in 1995 and has subsequently acquired the CE Mark, enabling European sales of a medical device it manufactures. By developing a strong portfolio of design patents and by partnering with many of the major medical device manufacturers in the world in joint product development initiatives, Prodesco has participated with its partners to obtain FDA approval on several key product lines that are experiencing exponential growth in worldwide markets. For more information on Prodesco's products and services, visit the company's web site @ www.prodesco.com.
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Contact:
Prodesco Corporation
Tom Molz, 215/257-6566 x115
tmolz@prodesco.com
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