All of the Company's businesses to be unified under the Materion
name
Change to become effective March 8, 2011
MAYFIELD HEIGHTS, Ohio--(BUSINESS WIRE)--
Brush Engineered Materials Inc. (NYSE:BW) today announced it will change
its name to Materion Corporation (NYSE:MTRN) and unify all of its
businesses under the new name effective March 8, 2011. The Company's
common stock will continue to trade on the New York Stock Exchange.
The Company said it was announcing the new name ahead of the formal name
change to give advance notice to its investors, customers, suppliers,
partners, the media, and other parties. Concurrent with the March 8 name
change, the Company also will unveil a new company website and
company-wide brand identity.
"Brush Engineered Materials has transformed over the past 20 years into
a very different company from the metals, mining and specialty metals
businesses that mark most of our heritage," said Richard J. Hipple,
Chairman, President and CEO. "While these businesses are very successful
and integral to our future, they have changed significantly and are now
part of a much larger portfolio. Through these changes, acquisitions and
other internal initiatives, we have expanded into a brand new
80-year-old company at the forefront of technologies essential to our
customers. We are a leading global producer of advanced materials and
services providing enabling technology solutions for customers in the
fastest-growing segments of long-term global growth markets, including
consumer electronics, telecom infrastructure, defense and science,
industrial and commercial aerospace, energy and medical.
"As we have grown, our businesses continued to operate under original
names and brand identities. That has made it difficult to position the
Company as a single, unified organization. We find that even some
long-time customers are not aware of the full scope of our capabilities."
Hipple added, "We are often competing against large global players that
enjoy strong brand recognition. With annual sales of more than $1.2
billion and growing at a compounded annual growth rate of 17 percent
since 2002, we have the resources and critical mass to participate
successfully at that level. We expect to benefit from the recognition
that comes from one name and a single strong brand."
In its transformation, Hipple noted that the Company has also become
leaner, faster-growing, more diversified, and less cyclical. "We have a
higher-value business model today in terms of our growth potential,
margins, cash flow, balance sheet and capital structure. We believe the
new name will better reflect the new Company."
The unification of all of the Company's businesses under the Materion
name is intended to create efficiencies and facilitate synergies. The
new name, along with a new business unit alignment under the Materion
brand, is expected to provide customers with better access and
recognition to a broader scope of products, technology and value-added
services.
FORWARD-LOOKING STATEMENTS
Portions of the narrative set forth in this document that are not
statements of historical or current facts are forward-looking
statements. Our actual future performance may materially differ from
that contemplated by the forward-looking statements as a result of a
variety of factors. These factors include the anticipated timing and
ability to achieve further efficiencies and synergies resulting from the
name change and business unit alignment under the Materion brand.
Brush Engineered Materials Inc. is headquartered in Mayfield Heights,
Ohio. The Company, through its wholly-owned subsidiaries, supplies
highly engineered advanced enabling materials to global markets.
Products include precious and non-precious specialty metals, inorganic
chemicals and powders, specialty coatings, specialty engineered
beryllium alloys, beryllium and beryllium composites, and engineered
clad and plated metal systems.
Brush Engineered Materials Inc.
Investor
Contact:
Michael C. Hasychak, 216-383-6823
mike_hasychak@beminc.com
or
Media
Contact:
Patrick S. Carpenter, 216-383-6835
patrick_carpenter@beminc.com
or
http://www.beminc.com
http://www.materion.com
Mayfield
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Source: Brush Engineered Materials Inc.
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