Nicholas Audet appointed Executive Vice President, Electronic Materials
Paul Tancell joins 5N Plus and is appointed Executive Vice President, Eco-Friendly Materials
MONTREAL, Feb. 20, 2017 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) ("5N Plus" or the "Company"), the leading producer of specialty metal and chemical products, today announced changes to its executive management structure. In the recent years, the Company was organized functionally with C-suite leading various activities. The structure has been highly effective in managing costs and implementing best practices. In 2016, total costs (excluding variable & metal costs) were more than 20% lower than just two years ago. While the Company continues to manage costs judiciously management has adopted a new structure to emphasize growth along business segments and in alignment with the Company's 5N21 strategic plan. Given this backdrop, the following changes have been implemented:
- Responsibilities assumed by the former functions of Chief Commercial Officer and Chief Operating Officer will be reallocated across the existing business segments (Eco-Friendly and Electronic Materials) and will be led by two Executive Vice Presidents.
- Mr. Nicholas Audet, formerly Chief Commercial Officer has been appointed Executive Vice President, Electronic Materials.
- Mr. Paul Tancell, formerly Global General Manager at Umicore, has joined 5N Plus and has been appointed Executive Vice President, Eco-Friendly Materials.
These functions report to the Company's President and Chief Executive Officer, Mr. Arjang (AJ) Roshan. Mr. Roshan commented: "Having leveraged our functional structure to markedly enhance our organizational efficacy and significantly shrink our cost structure, we see the need for further evolution. Our new management structure is designed to maintain our discipline around cost management while accentuating growth and emphasizing contribution from emerging opportunities. We believe this structure is ideally positioned to deliver the objectives of our 5N21 strategic plan, and provides for better management accountability."
About 5N Plus Inc.
5N Plus is the leading producer of specialty metal and chemical products. Fully integrated with closed-loop recycling facilities, the Company is headquartered in Montreal, Québec, Canada and operates manufacturing facilities and sales offices in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to produce products which are used in a number of advanced pharmaceutical, electronic and industrial applications. Typical products include purified metals such as bismuth, gallium, germanium, indium, selenium and tellurium, inorganic chemicals based on such metals and compound semiconductor wafers. Many of these are critical precursors and key enablers in markets such as solar, light-emitting diodes and eco-friendly materials.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to 5N Plus at this time and involve known and unknown risks, uncertainties and other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting 5N Plus' business and activities appears under the heading "Risk and Uncertainties" of 5N Plus' 2015 MD&A dated February 23, 2016 and notes 11 and 12 of the unaudited condensed interim consolidated financial statements for the three and nine-month periods ended September 30, 2016 and 2015, available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward-looking information contained in this press release is made as of the date hereof and 5N Plus undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
SOURCE 5N Plus Inc.
For further information: Jean Mayer, Vice President, Legal Affairs, also in charge of Investor Relations, 5N Plus Inc., (514) 856-0644 x6178