Ampco-Pittsburgh Announces Agreement to Increase Size of Its Board of
PITTSBURGH -- February 13, 2014
Ampco-Pittsburgh Corporation (NYSE: AP) today announced that it has agreed to
support the nominees recommended by GAMCO Asset Management Inc., which, along
with its affiliates, beneficially owns approximately 17% of the Corporation’s
outstanding common stock. At its meeting scheduled to occur on February 27,
2014, the Corporation’s Board of Directors will expand from nine members to
eleven members and appoint James J. Abel and Michael I. German (candidates
which GAMCO had announced that it intended to nominate for election as
directors to the Corporation’s Board of Directors at the Corporation’s 2014
Annual Meeting of Shareholders) to fill the two vacancies.
Robert A. Paul, Chairman and Chief Executive Officer, said, “We have engaged
in productive discussions with GAMCO about our business and long-term
prospects. We are pleased that our commitment to constructive engagement with
our largest shareholder has allowed us to reach a cooperative agreement which
we believe is in the best interests of our shareholders. We look forward to
welcoming our new directors and having their experience and expertise
complement the contributions of our continuing directors as we strive to
create meaningful long-term value for all Ampco-Pittsburgh shareholders. Our
Board and management team remain committed to continued operational
improvement, generating profitable growth and disciplined execution of our
Ampco-Pittsburgh Corporation is a leading producer of forged and cast rolling
mill rolls for the worldwide steel and aluminium industries. It is also a
producer of air and liquid processing equipment.
The matters discussed herein may contain forward-looking statements that are
subject to risks and uncertainties that could cause actual results to differ
materially from expectations. Some of these risks are set forth in the
Corporation’s Annual Report on Form 10-K as well as the Corporation’s other
reports filed with the Securities and Exchange Commission.
Rose Hoover, Executive Vice President & Chief Administrative Officer,
Press spacebar to pause and continue. Press esc to stop.