Arch CEO Says Restructuring is Complete, Company Ready to Focus on Growth and Acquisitions
December 2, 2010
Arch Aluminum & Glass LLC is done with restructuring, according to chief executive officer Jeff Leone.
“We’re at a very important moment this month, we’re done with the restructuring,” Leone says.
An October 5 notice from law firm Ogilvy-Renault noted that Arch closed $55 million in financing facilities.
Cuts have been the norm for Arch in the year since it filed for bankruptcy, the latest cut being the position of chief operating officer (COO) that has been filled by Suresh Kumar since July. Leone says that although Kumar is no longer a full-time Arch employee, he will continue as a consultant for the company in the area of acquisitions. The COO position will be replaced by a vice president of operations, a position that the company currently is looking to fill.
In addition, Arch recently has hired a new director of strategic marketing, Ben Thomas. Thomas most recently served as business manager at Mapei Corp., a manufacturer of flooring installation systems. Prior to that, he was a product manager at Dayton Superior Corp.
The new hire is but one instance of growth that is the company’s new focus. According to Leone, the company is “out of the red and into the black” and “now focused on growth.” For 2011, the focus will be on expanding the company’s footprint through strategic acquisitions. “We’re actively looking at acquisitions,” Leone says.
Among the most immediate acquisitions will be new equipment and machinery for the company’s plants. “This is a business that hasn’t spent money on itself in 18 months,” Leone says, pointing to the need for upgrading equipment now that capital is available.
For now, Leone says he is anticipating a company-wide town hall meeting next week, which will provide an opportunity to tell the company “we’re done cutting.”