DANBORO, PA -- Mark Petty has been appointed to the position of President and Chief Executive Officer of PennEngineering®, effective June 1, 2006.
He succeeds William M. Shockley, who has served as President and CEO of the Company since Tinicum Capital Partners, a New York-based private equity firm, acquired PennEngineering in May 2005. Shockley will remain on the PennEngineering Board of Directors and continue working as a Tinicum Partner.
Petty has worked with Tinicum over the past 15 years, primarily running portfolio companies. Most recently he was President and Chief Executive Officer of Haskel International, a manufacturer of high-pressure pumps.
He has been actively involved in the development of strategic programs for PennEngineering since the acquisition by Tinicum and has served since January 2006 as Vice President-Global Sales and Marketing.
PennEngineering develops and manufactures PEM® self-clinching, broaching, weld, and surface mount fasteners; SI® inserts for plastics; and Atlas® SpinTite®, MaxTite®, and Plus+Tite® blind threaded inserts. The Company's fastener-installation equipment includes PEMSERTER® automatic and manual precision presses, In-Die and robotics capabilities, the StickScrew® System for small-screw insertion, and Atlas® tools. The Company's Automotive Fastener Division specifically makes fasteners and precision components primarily targeting the transportation and industrial market sectors.
Headquartered in Danboro, PA, USA, PennEngineering operates manufacturing facilities and key sales offices in North America, Europe, and Asia and is supported by a worldwide network of authorized engineering representatives and distributors.