Miller Industries Makes Several Executive Appointments; Losses Suffered Under Delavan Joint Venture

Thursday, December 26, 2013

 Miller Industries, Inc. (NYSE: MLR) announced several appointments that were made by its board of directors, "all of which are consistent with its existing succession plans." 

William G. Miller II, president of the company, has been appointed to the additional position of co-chief executive officer, responsible for North American operations and sales.

Jeffrey I. Badgley will continue as a co-chief executive officer and vice chairman of the board, responsible for all European operations, international sales, and will continue to be responsible for overseeing the Delavan joint venture. 

Debbie L. Whitmire, corporate controller, was appointed to the additional position of vice president of the company, reporting to the chief financial officer and the co-chief executive officers in their respective areas of responsibilities, as well as to the board of directors.

 Frank Madonia, executive vice president, secretary and general counsel, has been given the additional responsibilities for compliance and internal audit. 

Miller Industries is the world’s largest manufacturer of towing and recovery equipment, and markets its towing and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle.


The firm also provided an update regarding its Delavan Automotive joint venture. Officials said, "Operations related to the Delavan joint venture have generated increasing losses as the fourth quarter has progressed, after previously announced losses in the first three quarters of 2013. Operations related to the Delavan joint venture are currently estimated to result in operating losses for the company in excess of $1 million during the fourth quarter of 2013. This estimate is preliminary, so actual losses related to the Delavan joint venture could be greater or less than this estimate.

"Operations related to the Delavan joint venture have been reduced in an effort to minimize future losses. The company will continue to evaluate the viability of the joint venture and to focus on additional steps to reduce its future losses, including consideration of whether each of the joint venture’s products can be produced profitably. The company is not able at this time to estimate the impact of the joint venture on its future financial results. However, operating results of the joint venture are not expected to have a material impact on the core business of the company."

The company also announced that its overall operations during the fourth quarter of 2013 are expected to result in continuing positive net income even after anticipated losses related to the Delavan joint venture.




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