OKLAHOMA CITY--(BUSINESS WIRE)--Feb. 19, 2015--
LSB Industries, Inc. (NYSE:LXU) (“LSB or “the Company”), a leading
manufacturer of commercial and residential climate control products and
a producer of chemical products for the agricultural, mining and
industrial markets, today announced that Richard Aldridge has been
appointed President of its ClimateMaster, Inc. subsidiary, the largest
business in LSB’s Climate Control segment. Mr. Aldridge previously
served as Vice President of Operations for the Climate Control Business.
Mr. Aldridge will assume executive management responsibility of
ClimateMaster, which includes oversight and strategy formation for
manufacturing operations, product development, and sales and marketing.
“Rick’s lengthy career and experience with large, world-class
competitors in the HVAC industry has made him a tremendous asset to our
Climate Control operations. Since joining LSB in 2012, he has been
integral in driving changes to improve quality, safety, and efficiency
resulting in reduced costs and increased customer satisfaction for the
Climate Control Business,” stated Barry Golsen, President and CEO of LSB.
Mr. Aldridge will report to Steven Golsen, President and Chief Operating
Officer of LSB’s overall Climate Control Business. He succeeds Daniel
Ellis who will become Chief Technology Officer of the Climate Control
Business with responsibility for developing alternative new technologies
and systems configurations for LSB’s Climate Control product lines.
Steven Golsen said, “Our ClimateMaster brand heat pumps are considered
to be at the forefront of heat pump technology, and hold industry
leading market shares. As a result, we believe this business is
well-positioned for significant growth in the coming years. Given Rick’s
background and track record of success in positions of increasing
responsibility, we believe that under his leadership, ClimateMaster
should be able to realize its potential to deliver higher revenues and
profitability, which should translate into increased value for LSB
shareholders.”
Mr. Aldridge has more than 25 years of experience in the HVAC industry
in positions of increasing responsibility. Prior to joining LSB
Industries in 2012, he spent 11 years in executive positions with
Ingersoll Rand (NYSE:IR) where he planned and implemented the deployment
of LEAN manufacturing principals, directed the Company’s efforts in
leveraging technology in the development and execution of its pricing
strategies and led 6 Sigma initiatives for its global product management
organization. Prior to working at Ingersoll Rand, Mr. Aldridge was with
GE (NYSE:GE) Appliances for three years most recently serving as
Director, Refrigeration Cost and Quality. Prior to that, he spent 10
years at Trane, a business unit of Ingersoll Rand, in the Company’s VAV
(variable-air-volume) business, most recently in the position of Product
Development Manager. Mr. Aldridge holds a number of technology patents
and has written several articles for industry publications. He holds a
Master of Science in Electrical Engineering and a Bachelor of Science in
Electrical Engineering from Purdue University.
Steve Golsen continued, “We believe Rick’s extensive background with
LEAN manufacturing and global product sourcing should accelerate
ClimateMaster’s ongoing initiatives to streamline its cost structure and
deliver margin improvement. Additionally, we expect that his experience
with engineering, design and new product development should enable
ClimateMaster to advance its innovation efforts and strengthen its
reputation as a technology leader.”
About ClimateMaster, Inc.
ClimateMaster, Inc. is the leading North American manufacturer of
water-source and geothermal heat pumps, which are considered to be the
most energy efficient and environmentally friendly type of heating and
cooling systems available on the market today. Headquartered in Oklahoma
City, Oklahoma, ClimateMaster, Inc. is a wholly-owned subsidiary of LSB
Industries, Inc.
About LSB Industries, Inc.
LSB is a manufacturing and marketing company. LSB’s principal business
activities consist of the manufacture and sale of chemical products for
the agricultural, mining, and industrial markets, and the manufacture
and sale of commercial and residential climate control products, such as
water source and geothermal heat pumps, hydronic fan coils, modular
chillers, large custom air handlers and make-up air units.
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally are identified by use of the
words “believes”, “expects”, “intends”, “anticipates”, “plans to”,
“should”, “estimates”, “projects”, or similar expressions, including,
without limitation, ClimateMaster can realize its potential to deliver
higher revenues and profitability; increased value for LSB’s
shareholders; streamline cost structure and margin improvement;
strengthen its reputation as a technology leader; and growth of this
business. Actual results may differ materially from the forward-looking
statements as a result of various future events, including without
limitation, the various factors described in the “Special Note Regarding
Forward-Looking Statements,” and the “Risk Factors” contained in our
most recent 10-K for the year ended December 31, 2013, and Form 10-Qs
for quarters ended March 31, June 30 and September 30, 2014. These
forward looking statements speak only as of the date of this press
release, and LSB expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement
contained herein to reflect any change in LSB’s expectations with regard
thereto or any change in events, conditions or circumstances on which
any such statement is based.
Source: LSB Industries, Inc.
Company:
LSB Industries, Inc.
Tony M. Shelby,
405-235-4546
Chief Financial Officer
or
Mark Behrman,
405-235-4546
Senior Vice President, Corporate Development
or
Investor
Relations:
The Equity Group Inc.
Fred Buonocore,
212-836-9607
or
Linda Latman, 212-836-9609