28.3.2003: Meldung: Ionics Inc.: New President and CEO
Mr. Brown, 48, has been a Director of Ionics for seven years and has been serving as Chairman of its Audit Committee. From 1995 to the end of 2002, Mr. Brown was President and CEO of Advent International, a private equity firm with over $6 billion under management. During the ten years prior to 1995, Mr. Brown held several management positions at Advent including starting and running its European investment organization. From 1976 to 1984, Mr. Brown was employed by Ionics in several product management and engineering positions relating to water purification. Mr. Brown holds a degree in chemical engineering from M.I.T. and an MBA from Harvard Business School, where he was a Baker Scholar.
Commenting on the election of Mr. Brown, Mr. Goldstein said, "I am very pleased that the succession planning process which I initiated with the Board three years ago has resulted in the selection of Doug Brown as President and CEO-elect. His background and experience make him an excellent choice. We feel fortunate that he was available to rejoin Ionics at this time and we welcome his return."
Mr. Brown stated, "I am delighted to have been selected to succeed Art Goldstein as President and to be named CEO-elect. I believe Ionics is in an excellent position to leverage its unique strengths in the design and operation of sophisticated water treatment plants in the growing world market for water-related services. I expect to place special emphasis on water- related services in order to grow this important business and to help improve Ionics" stream of higher-margin recurring revenues."
Mr. Goldstein, 67, joined Ionics 43 years ago. During his 32-year tenure as President and CEO, the Company"s revenues grew from $8 million in 1971 to over $450 million in 2001, prior to the sale of its bottled water business, and established itself as one of the premier companies in the world in water desalination, supply and reuse, as well as in industrial water processing and monitoring.
Ionics is a global separations technology company involved in the manufacture and sale of membranes, equipment, systems and services for the purification, disinfection, concentration and analysis of water, wastewater and ultrapure water. Over a period of more than 50 years, Ionics has built more desalination plants than any other company in the world. Ionics is a leader in the supply of world-class ultrapure water systems for the power and microelectronics industries, zero liquid discharge systems and in the measurement and analysis of both total organic carbon and boron. At the end of 2001 Ionics sold its Aqua Cool Pure Bottled Water business to Nestle SA for over $200 million. For additional information, please visit www.ionics.com.
Safe-harbor statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements in this news release involve risk and uncertainty. The statements contained in this release which are not historical facts are forward-looking statements, including without limitation statements regarding the growth of the world market for water-related services and the growth of the Company"s water-related services business. These forward-looking statements are neither promises nor guarantees but are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, including overall economic conditions; demand for Company products; price pressures and competition from companies larger than the Company; risks of nonpayment of accounts receivable; risks associated with foreign operations; technological and product development risks; availability of manufacturing capacity; and other factors described in the Company"s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2001. You should not place undue reliance on the forward-looking statements in this press release, and the Company disavows any obligation to update or supplement those statements in the event of any changes in the facts, circumstances, or expectations that underlie those statements.
For more information, contact:
Francine S. Bernitz, Vice President Theodore G. Papastavros
Marketing and Corporate Executive Vice President and
Ionics, Incorporated Ionics, Incorporated
Tel: (617) 926-2510 ext. 312 Tel: (617) 926-2510 ext. 221