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HUSCO International Release date: July 1, 2008
Waukesha, Wisconsin, July 2008 - Agustin A. Ramirez, Chairman and CEO of HUSCO International, announced today the creation of a new wholly owned subsidiary whose name is INCOVA Technologies Inc. (ITI). INCOVA is a trademark for Intelligent Control Valve Systems, a radically new technology for controlling off-highway equipment that is the result of ten years of research and development. In addition to the INCOVA Division, ITI will also include HUSCO Automotive, a division dedicated to designing and manufacturing products for on-highway vehicles to improve engine efficiency and reduce emissions. Additional applications served by HUSCO Automotive include advanced suspension systems, transmission controls, and convertible top controls.
ITI will have as its principal officers Austin Ramirez who will serve as CEO, Todd Zakreski who will serve as President of HUSCO Automotive, and Abby Ramirez who will serve as Executive VP of Finance and Administration. Each of these individuals has an extensive history of involvement with HUSCO International and participated in a strategic planning process which resulted in the decision to create ITI as an operationally distinct unit of HUSCO International.
ITI has been formed to maximize the growth potential of the Automotive and INCOVA businesses, both of which require advanced capabilities in the design and production of electro-hydraulic solenoids and cartridge valves. The INCOVA business will serve global customers in the off-highway industry focusing on machines engaged in high duty cycle work. The INCOVA technology yields productivity and fuel efficiency savings exceeding 20% for many applications. In this period of high fuel prices, INCOVA is a cost effective means to achieve significant energy savings while improving controllability and productivity.
HUSCO Automotive has been in business for approximately seven years and has recently experienced significant growth in new business commitments. The new organizational structure will help enable the organization to better manage this substantial growth. HUSCO Automotive is extremely well positioned to take advantage of the need for automobile manufacturers to increase fuel efficiency while reducing emissions and has recently received major commitments for its products as both a Tier 1 and Tier 2 supplier for use by domestic and international automobile manufacturers. The anticipated sales volume of these new commitments is expected to reach $50 to $75 million on an annual basis at program maturity.
INCOVA Technologies will have separate facilities from the current HUSCO facilities. Its corporate headquarters will be in Whitewater, Wisconsin, and it will have an engineering and administrative office in Pewaukee. Initial employment will exceed 100 associates, a number which is expected to double over the next four years.
Austin Ramirez is currently a Vice President of HUSCO International with responsibility for the Distribution business and INCOVA business development. Austin was an All-American swimmer at the University of Virginia where he graduated with degrees in Systems Engineering and Economics. After spending several years as a consultant with McKinsey & Company, he joined HUSCO full-time in 2002. Austin later received his MBA from Stanford, where he was a Goldman Sachs Fellow and Arjay Miller Scholar.
Todd Zakreski is a graduate of the New Jersey Institute of Technology where he received a Mechanical Engineering degree. He has an MBA from Rochester University's Simon School of Business. Todd worked in advanced product design and development roles for hydraulic controls in automotive, aerospace, and medical markets prior to joining HUSCO approximately ten years ago. At HUSCO he has worked in a variety of positions and most recently served as Executive Vice President responsible for HUSCO's European and Indian operations. During Todd's tenure in Europe, the operation experienced record growth and profitability and has achieved a high level of excellence in all operational areas.
Abby Ramirez attended the University of Virginia where she was an Echols Scholar. She graduated from the McIntire School of Commerce with a concentration in Finance. Upon graduation, Abby worked for Robert W. Baird & Co. as an investment banker in their Industrial Products group. She also attended Stanford and received both an MBA and a Masters in Education. After graduation she worked for the Doris & Donald Fisher Foundation as Director of Policy and Programs. In her new position at ITI, Abby will be responsible for Finance, Human Resources and Information Systems.
HUSCO's traditional off-highway controls business continues to have substantial opportunities for growth, particularly in China and India where new and expanded facilities coupled with new product technology have led to significant new business commitments. Major expansions are underway in China (Shanghai) and North America (Iowa) to provide substantial incremental capacity to meet the new business requirements in each of HUSCO's off-highway equipment markets.
HUSCO has also reorganized its executive staff. Jim Gannon has been named an Executive Vice President in charge of HUSCO's AG Division, HUSCO's international operations in Europe, Brazil and India and Human Resources. Bob Mortensen has been named an Executive Vice President and will be responsible for all of HUSCO's North American and China operations and Corporate Engineering. He will remain in charge of the Industrial Products Division serving construction, material handling, mining and forestry equipment markets. Todd Hoytink, currently HUSCO's Vice President of Finance, will succeed Jim Gannon as HUSCO's CFO. Each of these individuals will report to Gus Ramirez who continues as HUSCO's Chairman and CEO.
HUSCO International is a privately owned enterprise headquartered in Waukesha, Wisconsin employing over 1000 employees in operations located in strategic markets in Asia, Europe, Brazil and North America. It is a global leader in providing on and off highway OEM's hydraulic and electro-hydraulic controls for motion control.
Contact: Agustin Ramirez, Austin Ramirez 262-513-4299
Company Information:
Name: HUSCO International
Address: W239 N218 Pewaukee Rd.
City: Waukesha
State: WI
ZIP: 53188
Country: USA
Phone: 262-547-0261
http://www.huscointl.com
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