DALLAS, July 06, 2016 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (the “Company”) (NASDAQ:CSWI), a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals, today announced its plan to add two new independent directors to its Board of Directors, which would expand the Board to a total of seven members.
Robert M. Swartz, lead independent director of the Company’s Board of Directors and Chairman of its Nominating and Corporate Governance Committee, said, “Since its successful spin-off from Capital Southwest Corporation in September of last year, the Company has made meaningful progress toward integrating and aligning the leadership of the spun-off businesses along operating segment lines and in building-out the infrastructure required for a stand-alone public company. Our plan was always to expand the Board after completing the spin-off, and we believe now is the right time to do so.”
Swartz continued, “We will conduct a careful, thoughtful search process to identify director candidates who possess the requisite skills and experience needed to assist in executing the Company’s strategic growth plans.
“While we have not committed to any particular criteria for these individuals, we believe the Board would be well served by additional members who offer significant strategic acquisition and financial expertise and relevant industry experience and contacts. We expect to engage a nationally-recognized executive search firm to assist in this process and hope to identify two candidates for appointment to the Board in the near-term.”
Joseph B. Armes, CSW Industrials’ Chairman and Chief Executive Officer, added, “We believe that the Company has made significant progress in its first fiscal year, unlocking significant stockholder value through the spin-off and further positioning the Company to deliver profitable growth for the benefit of all stockholders. We are nearing completion of our strategic planning process, which we expect to inform our director search. We believe we have only begun to exploit our opportunities to create value, and the planned expansion of the Board is another positive step forward, increasing available resources and offering additional skills and perspectives to support the further development and execution of our growth strategy.”
About CSW Industrials
CSWI is a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals. CSWI’s broad portfolio of leading products provides performance optimizing solutions to its customers. CSWI’s products include mechanical products for heating, ventilation and air conditioning (“HVAC”) and refrigeration applications, coatings and sealants and high performance specialty lubricants. Markets that CSWI serves include HVAC, general industrial markets, rail car and locomotive, plumbing, commercial construction, oil and gas, mining, electrical, steel and transportation.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
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Investor Contact: Michael Callahan ICR, Inc. Michael.Callahan@icrinc.com | 203-682-8311 Media Contacts: Phil Denning or Jason Chudoba ICR, Inc. Phil.Denning@icrinc.com | 646-277-1258, Jason.Chudoba@icrinc.com | 646-277-1249