Aug 29 2007
Timminco Limited announced 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, René 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.