SinterCast Annual General Meeting 2013
[Stockholm, 16 May 2013] - The SinterCast AB (publ) Annual General Meeting (AGM)
was held on 15 May 2013 in Stockholm. During the AGM, presentations were
provided by Mr Terry Aldea, Global Executive, Casting and Forging Operations,
Ford Motor Company and by Dr Steve Dawson, President & CEO. The recorded
presentations will be available on the SinterCast website on Friday 17 May.
Mr Aldea provided an overview of Ford Motor Company's international operations
and highlighted Ford's success as the global leader for the application of
Compacted Graphite Iron (CGI). He noted that Ford's CGI leadership began with
the introduction of the first-ever high volume CGI engine in 2003 and continues
today with an industry leading seven CGI engines, with displacements ranging
from 2.7 to 9.0 litres, used in Ford and partner vehicles sold in Europe,
Australia and the Americas. Mr Aldea stated that the engine design community
within Ford has embraced CGI as an element of Ford's engine strategy.
SinterCast is the technology provider approved for the supply of CGI process
control technology to Ford Motor Company. With regard to the recent diesel
developments in North America, Mr Aldea assured the audience that Ford was well
aware of the pending diesel introductions in the SUV and light duty pick-up
sectors and that Ford will continue leadership on top of its continuous string
of 36 years with the F-Series as North America's best-selling pick-up.
During the CEO presentation, Dr Dawson presented an overview of recent market
activities and provided an outlook for SinterCast's potential market
development. Dr Dawson noted that, although the year-on-year volume had
declined by 18%, series production increased by 8% during the first quarter of
2013 and, based on the announced passenger vehicle and commercial vehicle CGI
engine introductions, it is reasonable to expect further recovery in the
production volume. Indeed, it was re-confirmed that the current production
programmes have the potential to provide more than two million Engine
Equivalents at mature volume. Beyond the current series production, Dr Dawson
highlighted the importance of the "follower reaction" to the new diesel
introductions in the SUV and light duty pick-up sector in North America, and to
the upcoming high volume petrol engine that remains on schedule for the start of
foundry production later this year. While the V-diesel and petrol waves provide
growth opportunities, Dr Dawson re-iterated the Company's confidence in
commercial vehicles as the largest long-term opportunity for CGI. The recent
installations at the Halberg foundry in Germany, at the University of Alabama
for the Caterpillar projected funded by the US Department of Energy, and at an
undisclosed European commercial vehicle manufacturer in February reinforce the
growing demand for CGI in commercial vehicle applications. In closing, Dr
Dawson noted that the company is in the midst of one of its busiest periods
ever, with the commissioning of five new installations between February and
August, ongoing discussions for new installation commitments, increasing series
production, and the introduction of the ductile iron technology in June.
During the AGM, Ulla-Britt Fräjdin-Hellqvist, Aage Figenschou, Robert Dover,
Laurence Vine-Chatterton and Steve Dawson were re-elected as Board members and
Ulla-Britt Fräjdin-Hellqvist was re-appointed as Chairman. Hans-Erik Andersson
was elected as a new Board member. Andrea Fessler, after serving as a member of
the Board of Directors for ten years, declined re-election, and was thanked for
her many contributions.
The AGM also decided upon the constitution of the Nomination Committee until the
next AGM, comprised of returning members Karl-Arne Henriksson, Chairman, and
Ulla-Britt Fräjdin-Hellqvist. Andrea Fessler was elected as a new member.
After serving on the Nomination Committee since 2009, Torbjörn Nordberg
declined re-election and was acknowledged and thanked for his service by the
shareholders.
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 buy
its own shares so as to adapt the capital structure of the company to the
capital requirements 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 AGM were approved by the shareholders.
For and on behalf of the Board of Directors:
Ulla-Britt Fräjdin-Hellqvist Steve Dawson
Chairman President & CEO
Tel: +46 8 660 7750 Tel: +46 8 660 7750
e-mail: u-b.frajdin- e-mail: steve.dawson@sintercast.com
hellqvist@sintercast.com
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 weight, noise and emissions. The SinterCast technology is used for the
production of more than 50 CGI components, ranging from 2 kg to 17 tonnes, all
using the same proven process control technology. The end-users of SinterCast-
CGI components include Aston Martin, Audi, Cameron Compression, Caterpillar,
Chrysler, DAF Trucks, Ford, Ford-Otosan, General Electric Transportation
Systems, General Motors, Hyundai, Jaguar, Jeep, Kia, Lancia, Land Rover, MAN,
Navistar, Porsche, PSA Peugeot-Citroën, Renault, Rolls-Royce Power Engineering,
Scania, Toyota, VM Motori, Volkswagen, Volvo and Waukesha Engine. The SinterCast
share is quoted on the Small Cap segment of the NASDAQ OMX stock exchange
(Stockholmsbörsen: SINT). For more information: www.sintercast.com
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