Key Components Announces Three Executive Promotions

Business Wire, Dec 2, 1999

TARRYTOWN, N.Y.--(BUSINESS WIRE)--Dec. 2, 1999--

Clay B. Lifflander Appointed CEO

Robert B. Kay Promoted to President

Keith McGowan Promoted to CFO

Key Components, LLC (the "Company" or "KCI") (CUSIP No. 9859Z US), today announced changes to its management structure.

On November 12, 1999, the Board of Directors of the Company approved several management changes. Clay B. Lifflander, formerly President, assumed the title of Chief Executive Officer, while Robert B. Kay, formerly Chief Financial Officer, was appointed to the position of President. Additionally, Keith McGowan was appointed as the Company's Chief Financial Officer.

Commenting on the revised management structure, Clay B. Lifflander stated, "We are very excited about these changes as it will allow KCI to maintain a consistent growth pattern while better matching the skill sets of its top executives to their titles. As we continue to build the corporate infrastructure for our company, this management structure will facilitate our ability to continue our core strategy of pursuing and integrating strategic acquisitions while pursuing internal growth and other value enhancing opportunities."

Key Components is a leading manufacturer of custom-engineered essential componentry for application in a diverse array of end-use products. The Company targets original equipment manufacturer ("OEM") markets where the Company believes its value-added engineering and manufacturing capabilities, along with its timely delivery, reliability, and customer service, enable it to differentiate the Company from its competitors and enhance profitability. The Company operates in two business segments, mechanical engineered components and electrical components. The mechanical engineered components group is comprised of business units that are involved in the manufacturing of specialty locks and related accessories, flexible shaft products, and the manufacturing of turbocharger actuators and related accessories. The electrical components group produces an array of electrical componentry items for marine, recreational, and industrial applications. It also produces switches for utility companies and power inverters, which are utilized in both the consumer and industrial markets.

Key Components is an affiliate of Millbrook Capital Management, Inc. of Millbrook, New York, an investment firm specializing in acquisitions and management services.