MFRI Announces Senior Management Succession and Appointment of Chief Financial Officer

MFRI Announces Senior Management Succession and Appointment of Chief Financial 
Officer 
NILES, IL -- (Marketwire) -- 01/30/13 --   MFRI, Inc. (NASDAQ: MFRI)
announced today that as part of planned succession changes, Chairman
and Chief Executive Officer David Unger has retired as CEO and will
continue as Chairman of the Board. At the same time, current
President Bradley Mautner will assume the responsibilities of Chief
Executive Officer. 
Additionally, the Board has appointed Karl J. Schmidt as Vice
President -- Chief Financial Officer and Chief Accounting Officer of
the Company. Mr. Schmidt's recent Chief Financial Officer positions
include Atkore International, a $1.7 billion global manufacturer of
steel pipe and tube products, electrical conduits, cable and cable
management systems, and Sauer-Danfoss, a $2.2 billion global
manufacturer of hydraulic, electrical and electronic components and
solutions for off-road vehicles. Prior to these assignments he held
positions of increasing responsibility during his 24 years with
Frankfurt, Germany, based Degussa-Huels Group. He earned an MBA
equivalent from University of Muenster (Germany) and is a graduate of
the Advanced Management Program at Harvard University. 
Chairman David Unger said, "During my 55 years with the Company I
have had the good fortune to witness and participate in the growth
and transformation of our business from just a local Chicago area
mechanical contractor to a vibrant multinational manufacturer of
industrial products. This would not have been possible without the
skill and dedication of many talented employees who work hard every
day to be sure we deliver the highest quality products and services
to our customers. I look forward to continuing my role as Chairman
and assisting Bradley and our team with ongoing advice, strategy
development and growth." 
Bradley Mautner, President and CEO, commented, "I appreciate the
confidence the Board has shown by asking me to assume the
responsibilities as CEO of our diverse group of companies. We have a
wonderful platform to build on and I plan to use my almost 35 years
of experience with our various businesses to continue expansion and
reinvention, which is so critical in today's complex global business
environment. Davi
d Unger has been a tremendous mentor to me and I
look forward to our continued collaboration as we navigate the many
challenges and opportunities which will shape the future of our
enterprise. Last, and certainly not least, I am extremely pleased
that Karl Schmidt has joined our team as Chief Financial Officer.
Having someone of Karl's caliber lead our finance team as we continue
to focus on improving operating performance and expanding our
international activities is important to our future success. His
strategic and pragmatic financial capability will be a great asset to
the entire organization." 
MFRI, Inc. is a multi-line company engaged in the following
businesses: pre-insulated specialty piping systems for oil and gas
gathering, district heating and cooling and other applications;
custom designed industrial filtration products to remove particulates
from dry gas streams; industrial process cooling equipment to remove
heat from molding, printing and other industrial processes; and
installation of heating, ventilation and air conditioning for large
buildings. 
Statements and other information contained in this announcement which
can be identified by the use of forward-looking terminology such as
"anticipate," "may," "will," "expect," "continue," "remain,"
"intend," "aim," "should," "prospects," "could," "position,"
"future," "potential," "believes," "plans," "likely," "seems," and
"probable," or the negative thereof or other variations thereon or
comparable terminology, constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934 as
amended and are subject to the safe harbors created thereby. These
statements should be considered as subject to the many risks and
uncertainties that exist in the Company's operations and business
environment. Such risks and uncertainties include, but are not
limited to, economic conditions, market demand and pricing,
competitive and cost factors, raw material availability and prices,
global interest rates, currency exchange rates, labor relations and
other risk factors. 
This announcement may also contain certain non-GAAP financial
information that management believes is helpful in understanding our
business. This financial information should not be considered as an
alternative to net (loss) income or any other GAAP measurement of
performance. 
CONTACT:
Bradley Mautner
CEO
(847) 966-1000 
 
 
Press spacebar to pause and continue. Press esc to stop.