John Maneely Company Completes Restructuring, Positioning Firm for Growth
Through Acquisition, New Hiring and Improved Customer Service

    


    
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<p>BEACHWOOD, Ohio, <span class="xn-chron">Oct. 7</span> /CNW/ -- John Maneely Company announced today that it has completed an organizational restructuring that will position it to grow through acquisition, hire new employees and improve customer service. As part of the restructuring, the company's name will change to JMC Steel Group, a reflection of the company's core steel pipe and tubular products business.</p>
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<p>Frank A. Riddick, III, chief executive officer of JMC Steel Group, said, "We are now in a position to grow, hire new people, reduce prices and provide career advancement opportunities for our colleagues. The restructuring enables us to take full advantage of the synergies that existed within our pipe and tubular companies. We were able to consolidate along functional lines -- purchasing, production planning and business development, for example -- to make us more cost efficient and responsive."</p>
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<p>He added, "Our new name more clearly defines our core business -- we produce steel pipe and tubular products, primarily for the non-residential construction, transportation and energy markets. We plan to add new groups of brands or companies that complement the businesses in our steel group."</p>
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<p><span class="xn-person">David Seeger</span>, president of JMC Steel Group, said that the restructuring and name change will better define the company's brand in the marketplace. "The recent acquisitions and mergers by the John Maneely Company, including the addition of several new products, has been beneficial to our customers but the marketplace may not be fully aware of our full product lines and capabilities. The name change and restructuring will clearly define who we are."</p>
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<p><span class="xn-person">Mr. Seeger</span> added, "There were some areas within our companies that overlapped and others that provided us the opportunity for natural marketing combinations -- pipe and piling for example -- or the marketing of DOM and HSS products, both of which are primarily sold through metal service centers. This change will help us better focus our sales and marketing efforts. At the same time, our new structure still gives us the flexibility to continue to serve distinct market segments and customers."</p>
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<p><span class="xn-person">Mr. Seeger</span> explained that the broad-based capabilities of the firm can also save its customers money. "The wide breadth of products produced by the divisions of JMC Steel Group will allow us to deliver complete pipe and tube solutions across multiple applications. Being a total source provider will help our customers recognize cost savings in a number of areas."</p>
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<p><span class="xn-person">Mr. Riddick</span> concluded, "Our majority owners, The Carlyle Group, a global alternative asset manager, and the Zekelman family, have supported our growth plans by providing financial stability, capital, business opportunities and expertise in several areas."</p>
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    About JMC Steel Group
    
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<p>The JMC Steel Group is the largest independent steel tubular manufacturer in <span class="xn-location">North America</span>, producing more than 2 million tons of pipe and tubular products a year and employing more than 1,750 people. It operates 11 manufacturing facilities in the U.S. and <span class="xn-location">Canada</span> and is a market leader in steel hollow structural sections (HSS), standard pipe and electrical conduit. Its companies have been recognized for their short production cycle times, in-house coating capabilities and proprietary products. The JMC Steel Group is headquartered in Beachwood, OH; its two largest companies, Atlas Tube and Wheatland Tube, will continue to market products under their brand names.</p>
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    Frank A. Riddick III
    CEO - JMC Steel Group

    
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<p>Frank A. Riddick, III is the chief executive officer of the newly formed JMC Steel Group. He had been serving as the CEO of John Maneely Company. Prior to that, from <span class="xn-chron">May 2008</span> to <span class="xn-chron">August 2009</span>, <span class="xn-person">Mr. Riddick</span> was a consultant for TowerBrook Capital Partners LP, a New York based private equity firm. From <span class="xn-chron">January 2002</span> to <span class="xn-chron">April 2008</span>, he served as president and chief executive officer of Formica Corporation.</p>
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<p><span class="xn-person">Mr. Riddick</span> served as president and chief operating officer of Armstrong World Industries, Inc. from <span class="xn-chron">February 2000</span> to <span class="xn-chron">November 2001</span>, where he also was chief executive officer of Triangle Pacific Corp., a wholly owned subsidiary of Armstrong. From <span class="xn-chron">March 1995</span> to <span class="xn-chron">February 2000</span>, he was chief financial officer of Armstrong.</p>
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<p><span class="xn-person">Mr. Riddick</span> had previously served as controller of Chicago-based FMC Corporation. He joined FMC as treasurer in 1990.</p>
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<p>Before joining FMC, <span class="xn-person">Mr. Riddick</span> was with Merrill Lynch & Co. in New York, where he held successive management positions in investment banking and treasury operations since 1987. His most recent position prior to joining FMC was as vice president of mergers and acquisitions.</p>
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<p>After receiving his bachelor's degree in mathematics and economics at Vanderbilt in 1978 and his Master of Business Administration degree from Duke University's Fuqua School of Business in 1980, <span class="xn-person">Mr. Riddick</span> joined General Motors Corporation, where he held several positions, including director of new business development and investor relations. His last position with General Motors was as regional treasurer-Europe.</p>
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<p><span class="xn-person">Mr. Riddick</span> is a former member of the board of GrafTech International (NYSE: GTI). He is a member of the board of JMC Steel Group, a member of the board and chairman of the audit committee of World Wrestling Entertainment, Inc., and a member of the board and chairman of the audit committee of Geeknet Inc. He also serves on the board of visitors of the Fuqua School of Business at Duke University.</p>
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<p>Frank and his wife Carol are the parents of three sons and live in <span class="xn-location">Dallas</span>, Texas.</p>
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    David W. Seeger
    President - JMC Steel Group

    
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<p>David W. Seeger serves as president of the newly formed JMC Steel Group. In his capacity as president, he oversees both the Wheatland Tube and Atlas Tube divisions.</p>
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<p><span class="xn-person">Mr. Seeger</span> had been serving as president of Atlas Tube, a position he had held since his appointment in <span class="xn-chron">August 2007</span>, when Atlas was acquired by the Carlyle Group, a private global investment firm.</p>
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<p><span class="xn-person">Mr. Seeger</span> began his career in 1979 in the marketing and sales group of UNR - Leavitt Company. In 1993, he was named vice-president of Sales and Marketing with Welded Tube Company of America and was later promoted to the position of vice president and general manager of Welded Tube, overseeing the sales, marketing and manufacturing operations of the company.</p>
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<p>In 1999, when LTV Steel Corporation purchased Welded Tube Company of America and merged it into their Copperweld Tubular Products Group, <span class="xn-person">Mr. Seeger</span> was named vice president of operations for the North American Structural Group of Copperweld.</p>
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<p>Copperweld was subsequently sold to Atlas Tube Company in 2005, and <span class="xn-person">Mr. Seeger</span> assumed the position of vice president and general manager of Atlas. When the Carlyle Group acquired Atlas Tube in 2007, <span class="xn-person">Mr. Seeger</span> became responsible for both the U.S. and Canadian operations of Atlas, and for the company's P & L results.</p>
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<p><span class="xn-person">Mr. Seeger</span> holds a BA Degree from Michigan State University and an MBA Degree from Loyola University of <span class="xn-location">Chicago</span>.</p>
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For further information: Jelani Rucker for JMC Steel Group, [phone], [email protected]