ANN ARBOR Nematron, the financially troubled factory automation controls company, completed its return to private ownership and appointed the managing director of its international business group as its new Chief Executive Officer.
New CEO David Hicks said he envisions the US domestic market will remain the companys top region in terms of revenue for the foreseeable future.
We must also prepare the organization to take advantage of the exciting growth potential for our products in the international markets, he said. This restructuring will include expanding Nematron’s International headquarters in Europe. Nematron will also continue to build on its US operations in order to service and develop its home market.”
The announcement also signals a complete review of Nematron’s product strategy following encouraging performance with its recent entry into the PAC (Programmable Automation Controller) market. With markets showing renewed interest in PC-Based control solutions Nematron has introduced ‘The Pointe Controller Product Line.’ The PTC-5800, a communications & control intensive PAC System employing Industrial Ethernet I/O is the first in a line of products to be co-developed at Ann Arbor and Huntsville, Alabama, where Nematron’s wholly-owned subsidiary, Optimation, is located.
Other strategic initiatives announced include the decision to relocate the Ann Arbor operations and staff to a more suitable facility within the Ann Arbor area and implementing a series of plans designed to increase operating efficiencies throughout the entire organization.
In January, shareholders voted overwhelmingly to take the company private and sell most of its assets and debt to long time investor North Coast Technology Investors. Shareholders also voted to let Nematron do a 5-to-1 reverse stock split, which will allow Daniel Dorman, owner of Birmingham-based D.J. Dorman & Co., to purchase 5.2 million shares, or 65 percent of Nematron. Nematron shareholders now own a publicly traded shell company renamed Sandston Corp. Dorman bought the shell operation for just $50,000.
