Composite application equipment manufacturer Magnum Venus Products, Inc. (MVP, Knoxville, TN, US) announced March 5 that it has restructured the company’s ownership as it pursues a new vision in expanding by diversifying product offerings in existing and new markets. The company has redeemed shares held by Tom Hedger and he will be stepping out of his role as CEO.
“The leadership, expertise and incredible knowledge that Tom has brought to MVP has been highly instrumental in shaping and guiding MVP into the company that it is today," says MVP president and CFO, Pete Hedger. “We have seen our company grow significantly in size and have continued over the years to remain on the forefront of product and technological innovations in large part due to Tom’s commitment to not only our organization, but the industry as well." Tom Hedger will remain involved with MVP in a consultative capacity.
In other news MVP continues initiatives in the composites industry by its recent announcement of its partnership with the Institute for Advanced Composites Manufacturing Innovation (IACMI), in which MVP is donating financial, manufacturing, equipment, and human resources to support IACMI’s mission to reduce technical risk and develop a robust supply chain for advanced composite materials.
Magnum Venus Products (MVP) produces pumping systems, spray guns, filament winding systems, and much more. MVP serves a multitude of manufacturers in a variety of industries such as automotive, aerospace, transportation, marine, railway, oil & gas, and wind turbine manufacturin, among many others. They also support the foam and polyurethane industries, along with polyureas, adhesives, and epoxies. Magnum Venus Products has over 60 years of experience in customized solutions that support manufacturing needs.