SinterCast Annual General Meeting 2017
[Stockholm, 18 May 2017] – The SinterCast AB (publ) Annual General Meeting (AGM) was held on 18 May 2017 in Stockholm. During the AGM, presentations were provided by Mr Jeff Breneman, Executive Director of the Alliance for Vehicle Efficiency in the United States, and by Dr Steve Dawson, President & CEO. The recorded presentations will be available on the SinterCast website on or before Wednesday 24 May.
Since his first appearance at the SinterCast AGM in 2011, Mr Breneman provided an updated overview of passenger vehicle emissions legislation in the United States and California, and addressed diesel perception in the US following the Volkswagen diesel emissions revelations. He noted that there was a good understanding that the Volkswagen case was a crisis of one company rather than of the technology, and stated that there has not been any significant shift in consumer sentiment toward diesel. He acknowledged that the current EPA approval process for diesels has become slower and that this has caused a delay in some model year 2017 diesel vehicles, but stated that the industry expects diesel testing to be faster in the future, as the new procedures becomes more standard. Mr Breneman also discussed the continuing trend in the US from cars toward SUVs and pick-ups, and showed that diesel is an important element of the ability of OEMs to meet future fuel economy requirements as the trend toward larger vehicles continues. Specifically, he stated that the EPA’s notice of noncompliance to FCA is widely expected to be a minor, short-term disturbance, and that FCA, together with BMW, Ford, GM, Jaguar Land Rover, Mazda and Nissan have all remained committed to their diesel line-ups in the US.
During the CEO presentation, Dr Dawson presented an overview of recent market activities and provided an outlook of SinterCast’s potential market development. Dr Dawson’s presentation expressed continued confidence in the market development, including the potential to secure production references in the last of the Five Waves: in-line diesels for passenger vehicles. He echoed the statements of Mr Breneman regarding the contribution of diesels for meeting future CO₂ standards and showed a host of off-the-shelf technical solutions to meet NOₓ regulations. Dr Dawson also took the opportunity of the AGM to provide an update on the new SinterCast Tracking Technologies, stating that there was considerable interest in the foundry industry for the new Ladle Trackerᵀᴹ, Cast Trackerᵀᴹ and Operator Trackerᵀᴹ technologies, with installation discussions at advanced stages. Finally, as a follow-up to the 2016 AGM presentation of Professor Mark Jolly, Dr Dawson commented on the results of the cast iron vs. aluminium life cycle analysis conducted at Cranfield University in the UK. The results of the study clearly showed that, under most manufacturing and on-the-road scenarios, cast iron cylinder blocks provide a net benefit to society in terms of lower well to wheels CO₂ missions compared to aluminium.
During the AGM, Hans-Erik Andersson, Robert Dover, Laurence Vine-Chatterton, Carina Andersson, Jason Singer and Steve Dawson were re-elected as Board members. Hans-Erik Andersson was re-appointed as Chairman and Caroline Sundewall was elected as a new Board member. Aage Figenschou, after serving as a member of the Board of Directors for 19 years, and as Vice Chairman since 2006, declined re-election and was thanked for his longstanding support and many contributions.
The AGM also decided upon the constitution of the Nomination Committee until the next AGM, comprised of Ulla-Britt Fräjdin-Hellqvist Chairman, Andrea Fessler, Hans-Erik Andersson and Aage Figenschou. Karl-Arne Henriksson declined re-election and was warmly thanked for his service.
The AGM authorised the Board to acquire and dispose of SinterCast shares such that the Company’s shareholding at any given time shall not exceed ten percent of the total shares in the Company, and to transfer the number of SinterCast shares that the company holds at any given time, with a deviation from the shareholders’ pre-emptive rights. This authorisation enables the Company to acquire its own shares so as to adapt the capital structure of the company at any given time and to be able to transfer shares in connection with the potential acquisition of a company or business.
All of the proposals presented to the AGM were approved by the shareholders.
This press release contains information that SinterCast AB (publ) is obliged to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication at 17:00 CET on 18 May 2017.
For and on behalf of the Board of Directors:
SinterCast is the world’s leading supplier of process control technology for the reliable high volume production of Compacted Graphite Iron (CGI). With at least 75% higher tensile strength, 45% higher stiffness and approximately double the fatigue strength of conventional grey cast iron and aluminium, CGI allows engine designers to improve performance, fuel economy and durability while reducing engine size, weight, noise and emissions. The SinterCast technology, with 44 installations in 13 countries, is primarily used for the production of petrol and diesel engine cylinder blocks and exhaust components for passenger vehicles, medium-duty and heavy-duty cylinder blocks and heads for commercial vehicles, and industrial power engine components for marine, rail, off-road and stationary engine applications. SinterCast’s series production components range from 2 kg to 9 tonnes, all using the same proven process control technology. The SinterCast share is quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange (SINT). For more information: www.sintercast.com