Signicast Announces Leadership Transition
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Todd McDonald, Former VP of Sales and Marketing, Succeeds Retiring President & CEO Walter (Terry) Lutz
Hartford, Wisc. (April 5, 2012) - Signicast, the world's largest commercial investment casting company, today announced the retirement of President & CEO Walter (Terry) Lutz, Jr. Mr. Lutz has been with Signicast since 1974 and was the majority owner from 1981 to 2008, when the business was purchased by Chicago-based investment firm, The Pritzker Group.
Mr. Lutz was the driving force behind Signicast's rise to become the largest commercial investment casting company in the world. By reducing costs, lowering lead times, and providing component repeatability never-before-seen, Mr. Lutz turned Signicast into a world-leader and propelled investment casting into the mainstream for OEM designers utilizing metal components.
"I am so proud of what we have built here at Signicast and it has been a pleasure to serve all of our employees and customers," said Mr. Lutz. "Our dedicated employees, management and owners are well positioned to continue the next phase of growth."
Todd McDonald, Signicast's former VP of Sales and Marketing, has been hired to succeed Mr. Lutz as President & CEO, effective immediately. Greg Gasper, former VP of Manufacturing, has been promoted to Chief Operating Officer.
"Strong, visionary leadership is among our primary investment criteria and there is no question that Terry Lutz made Signicast the leading player in the industry," said Tony Pritzker, Managing Partner of The Pritzker Group and Signicast board chairman. "We are fortunate to have found in his successor Todd McDonald, the perfect candidate with the vision and experience to build on Terry's legacy."
"Terry was a true leader and a man ahead of his time," said Mr. McDonald. "It is up to everyone here at Signicast to ensure his legacy continues far into the future. If we focus on Terry's ideals of continuous improvement and customer satisfaction, the future will be very bright for everyone here at Signicast." About Signicast
Operating six casting plants at two locations in Southeast Wisconsin, Signicast is the world leader in investment castings. Founded in 1959, Signicast is recognized as an American manufacturing innovator, speeding customers' time to market with proprietary technology that provides unmatched control, repeatability and reliability. Purchased in 2008 by The Pritzker Group, Signicast has more than 675 employees serving 500 customers and is investing $50 million in two new Wisconsin manufacturing facilities. To learn more, visit www.signicast.com.
About The Pritzker Group's Private Equity Team
Led by Tony Pritzker and J.B. Pritzker, The Pritzker Group's private equity team focuses on middle-market buyouts of North American companies with enterprise values between $50 million and $400 million. Together with its venture capital team, the firm has acquired or invested in more than 80 companies. The Pritzker Group offers several advantages as an investor and partner with management teams to support the performance of its companies: its focus on building long-term value; its proprietary capital base; decades of investment and operating experience across a wide range of industries; and its substantial global relationship network. For more information, visit www.pritzkergroup.com.
