Fiberglass manufacturer AGY Holding Corp. (Aiken, S.C., USA), and KAGY Holding Co. Inc., the direct parent company of AGY, announced that, effective July 10, 2013, Drew Walker has been named president and chief executive officer of AGY. Since joining AGY in 2005, Walker has served as vice president of sales and marketing and, most recently, as president.
Over the past 18 months, Richard Jenkins of Alvarez & Marsal has served as interim CEO. During this time, AGY says significant progress was made to improve the company’s operating platform, creating better coordination between production planning and customers' expectations and increasing the focus on quality in manufacturing processes.
“The past 18 months have been busy ones for us and we are thrilled with the outcome,” says Walker. “We have improved operations, installed a strong and energized management team and significantly reduced our debt levels. As a result, we believe that AGY is well positioned to further develop new products, grow our business and pursue our strategy to be a world-class provider of advanced materials.
"Our restructuring coupled with the establishment of our permanent management team marks the rebirth of a 50-year-old manufacturing business with a globally recognized brand. We make our customers' products lighter, faster and stronger, and the restructuring creates a strong platform for growth in our key aerospace and defense, specialty electronics and industrial markets," added Mr. Walker. “Being a part of AGY has been one of the most personally rewarding and professionally fulfilling experiences of my career. I welcome the opportunity to re-energize AGY, improve our manufacturing performance, and deliver best-in-class quality products for our customers.”