Mark,
FYI,
Subject: Innovex Announces Corporate Reorganization and Appointment of New President
Innovex Announces Corporate Reorganization and Appointment of New President
HOPKINS, Minn., July 28 /PRNewswire/ -- Innovex, Inc. (Nasdaq: INVX) today
announced the consolidation of its two primary operating divisions, Litchfield
Precision Components (LPC) and Precision Products (Precision). The
consolidated entity will operate under the name Innovex. As previously
disclosed to the shareholders, earlier this year the company formulated a
competitive plan to strategically apply its technological capabilities and
core competencies to the disk drive market and to the emerging chip packaging
and medical applications markets. The decision to consolidate the two
divisions is a direct result of that effort.
The consolidation pairs LPC's leading edge flex circuit fabrication and
chemical etching technologies with Precision's high volume fine wire expertise
and allows Innovex to leverage Precision's disk drive industry market and
trade knowledge to benefit LPC's flex circuit technology as the industry
transitions from wire to flex solutions. In addition, the merger permits the
company to focus marketing development resources on its other targeted high-
growth markets, chip packaging and medical applications.
The full integration of the two operating divisions will occur over the
next several months and will require minimal employee disruption or
downsizing.
In connection with the reorganization, the board of directors has selected
William P. Murnane to serve as President and Chief Operating Officer of
Innovex, effective immediately. Murnane joined Innovex in 1995 as Vice
President for Corporate Development. During that tenure, Murnane engineered
Innovex's acquisition of Litchfield Precision Components. Upon consummation
of the acquisition of LPC, Murnane became LPC's General Manager. Under
Murnane's direction, LPC completed a major infrastructure expansion,
transferring LPC into a high-volume manufacturing facility that currently
services the disk drive and chip packaging markets. Murnane holds a BS from
New Jersey Institute of Technology, a MS from the University of Maryland and
an MBA from the Harvard Business School.
Officers from the merged organizations who will continue to serve Innovex
under new titles are: Timothy McIntee, Senior Vice President, Corporate;
Allan Chan, Senior Vice President, Sales and Marketing; Steve Stiller, Vice
President, Operations; and Bruce Funk, Vice President, Asian Operations.
In the words of Thomas Haley, who remains as Chief Executive Officer and
Chairman of the Board, "With the appointment of Bill Murnane as our new
President and the merger of LPC and Precision into an integrated operating
unit, Innovex has put in place a management team and platform for significant
future growth."
Innovex is a diversified manufacturer of electrical components for the
computer, medical and telecommunication markets, as well as a developer of
computer software. Innovex is known world-wide for its excellence in advanced
engineering and low cost manufacturing. The Company's common stock is traded
on the National Over-the-Counter market under the Nasdaq symbol INVX.
SOURCE INNOVEX, INC.
-0- 07/28/98
/CONTACT: Timothy S. McIntee, Senior VP - Corporate of INNOVEX, INC.,
612-938-4155, or Facsimile 612-912-0714/
/Web site: innovexinc.com
(INVX) |
