WEST CHESTER, Pa., April 25, 2003 -- Lenape Forge Inc., a specialist in the production of custom forgings for heavy industrial and defense industry applications, has announced a change in management.
The privately held company has been sold and will become a wholly owned subsidiary of Lenape Dynamic Inc. The Lenape Forge name will be retained as will the majority of the company¹s senior management. The details of the transaction have not been disclosed as Lenape Dynamic is a privately held holding company.
Alex Katz of Philadelphia, PA has been named President and CEO of the company.
As one of Katz's first steps, he promoted long time Lenape Forge senior managers David A. Hershbell, Henry J. "Harry" Myers, Joseph P. Habres, and Robert J. Kuhle. to Vice Presidents of the company and appointed them to the newly formed executive committee that will manage the company.
"Dave Hershbell, Harry Myers, Joe Habres, and Bob Kuhle have world class experience in the metalworking industry and I want to make certain our customers and business partners understand the value and respect we have in these individuals," Katz said.
"Our promise is to deliver the same high levels of quality that has built the Lenape name and reputation in the marketplace using the same people our customers have come to know and trust. I think our customers will find that Lenape is going to become very customer-centric and it will be my goal to make certain our customers are delighted by our quality and delivery times."
Hershbell, with 25 years of service at Lenape Forge, was named Vice President of Marketing. Myers, who has been on the Lenape staff for 23 years, was named Vice President of Sales. Habres was named Vice President of Engineering and has logged 17 years with the company. Kuhle, formerly of Worthington Steel and a 3-year Lenape veteran, was named Vice President of Manufacturing.
Katz was formerly President and CEO of group of companies in the industrial fastener business. That business focused on automotive and heavy truck, general commercial and aerospace markets including defense industry work. Katz grew that fastener business from $15 million to $20 million in a 3 year time period. He is a graduate of Drexel University and Temple University School of Law, and is a Certified Public Accountant.
BMB Funding, a well known regional financial company, represented Lenape Dynamic in the acquisition transactions. Lenape is significantly capitalized with the intent on moving the business to its next logical level of growth.
Former owners Frank Krempa and Peter Horvat have retired from business with the sale of the company.
ABOUT LENAPE FORGE INC.
Lenape Forge has been producing custom forgings for the commercial and defense industries for over 80 years. Lenape¹s facilities include a 135,000-sq. ft. production plant, capacity to handle input weights of up to 42,000 pounds, machining operations and a fully equipped metallurgical testing laboratory. With headquarters just outside of West Chester, Pennsylvania, Lenape serves a wide range of customers including the Department of Defense, major defense industry contractors, piping and pressure vessel fabricators, and chemical/petrochemical companies.
