To: Thomas M. who wrote (71 ) 11/17/1997 9:23:00 AM From: Paul Lee Read Replies (1) | Respond to of 447
Good news Former President of Thermo Subsidiary and Co-founder of Life Sciences International Joins Larson-Davis, Inc. as Chief Executive Officer PROVO, Utah, Nov. 17 /PRNewswire/ -- Larson-Davis Inc. (Nasdaq: LDII - news) announced today that Andrew Bebbington has joined the Company as President and CEO. Until earlier this month, Mr. Bebbington was President of Neslab Instruments, a subsidiary of Thermo Electron Corp [NYSE:TMO - news]. Neslab was acquired by Thermo as part of its 1997 acquisition of Life Sciences International, a major UK scientific equipment group with sales of approximately $300 million. Mr. Bebbington had been an executive director of Life Sciences International PLC (''LSI Group'') since its inception in 1987 when, along with two others, he founded the company and listed it on the London Stock Exchange. Along with his executive duties, for the past six years, Mr. Bebbington ran Neslab Instruments, Inc., a major operating subsidiary of LSI Group. Prior to this, he was responsible for business development for the LSI Group, and completed 9 acquisitions during his tenure. Mr. Bebbington said, ''Larson-Davis is an exciting company with great potential for growth from its array of new technologies. Our TOP PRIORITY will be to reduce costs and increase revenues to permit the Company to become profitable. We will focus our efforts on increasing market penetration of existing products and finalizing development of a few key products, including the Jaguar line of mass spectrometry instruments. Subsequently, we will focus on commercializing Larson-Davis' technology pipeline and developing its global distribution capability to maximize the Company's medium term growth potential. Larson-Davis operates in the multibillion dollar scientific instrument market, and it is our intention to develop Larson-Davis into a significant player within that marketplace over the coming years.'' While at LSI Group and KPMG Peat Marwick, his previous employer, Mr. Bebbington gained extensive experience in sales, manufacturing, finance and operations in Europe, North America and Asia. He spearheaded LSI Group's former Eastern Bloc expansion into Hungary and Poland and helped to create an elaborate sales, service, and distribution network throughout the U.S. and Europe. Larson-Davis Inc., headquartered in Provo, Utah, develops, manufactures, and markets leading edge, ultra-sensitive analytical instrumentation for the chemical, gas, acoustics and vibration markets. Its customers are major industrial companies as well as government and military agencies. This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those statements. These risks include, but are not limited to, the Company's ability to secure necessary funding, the completion of commercial products within projected time frames, market acceptance of resulting products, technological change, the Company's ability to defend its intellectual property rights, dependence on independent market representatives, competitive pressures, and the Company's ability to enter into strategic alliances. These factors and other risks are discussed in detail in the Company's filings with the Securities and Exchange Commission. SOURCE: Larson-Davis Inc.