ONEIDA, N.Y., August 16, 2000 (PRIMEZONE) -- Oneida Ltd. (NYSE:OCQ) today announced a set of strategic actions designed to strengthen the company's business and financial performance. In a separate news release today, the company announced its second quarter results and the completion of three previously announced acquisitions.
In outlining the new initiatives, Oneida Chairman and Chief Executive Officer Peter J. Kallet stated, "As part of our strategic plan to be the most complete tabletop resource worldwide, we have, over the past 18 months, restructured our manufacturing facilities which has resulted in the attainment of Oneida's highest productivity levels in our history. We are now refining our business practices, which will enhance our financial flexibility. These initiatives encompass the development of sustainable new revenue sources; further reductions in stock-keeping units; improving inventory turnover, which will reduce warehousing costs and interest expense; and a continuing emphasis on the reduction of selling, general and administrative expenses. We have also undertaken a comprehensive review of our 'make versus buy' strategy, in order to improve profitability and simplify our business."
In a related move, Oneida has realigned its management team in order to maximize the company's performance. As announced in July, Gregg Denny, 43, was named Chief Financial Officer, and Shaun MacKenzie, 35, was named Vice President of Sales for the Consumer Products Division. In addition, Oneida today announced that James J. Joseph, 39, advances to Senior Vice President and General Manager of Oneida Foodservice from Senior Vice President and General Manager of Oneida International. In conjunction, Oliver B. Hasler, 36, was named Vice President and Managing Director, Oneida International. He previously was Managing Director of Latin America.
Mr. Joseph and Mr. Hasler have been part of Oneida International's management and executive teams since 1988 and 1990, respectively, and have played key roles in establishing the International Division as Oneida's fastest growing business, consistently delivering strong top- and bottom-line growth.
Oneida also announced the appointment of Amy S. Gebhardt, 36, as Vice President of Kenwood Silver Company, encompassing Oneida's national network of approximately 65 company outlet stores. Most recently a sales executive with the Disney Stores and prior to that with The Limited, Ms. Gebhardt possesses a strong background in all aspects of store management and business development.
"With today's announcement, in conjunction with the prior moves last month, Oneida's new management team is now in place," Mr. Kallet said. "The individuals we have selected for these high-profile positions have demonstrated throughout their careers that they have the leadership qualities we need to advance the Company to its next stage of growth."
Oneida Ltd. is a leading manufacturer of stainless steel and silverplated flatware for both the consumer and foodservice industries, and a leading supplier of dinnerware to those industries as well. Oneida also is a leading supplier of a variety of crystal, glassware and metal serveware for the tabletop market.
Statements contained in this press release that state that certain results are "expected" or "anticipated" to occur, or otherwise state the company's predictions for the future, are forward looking statements. These particular forward-looking statements and all other statements that are not historical facts, are subject to a number of risks and uncertainties, and actual results may differ materially. Such factors include, but are not limited to: general economic conditions in the Company's markets; difficulties or delays in the development, production and marketing of new products; the impact of competitive products and pricing; unforeseen increases in the cost of raw materials or shortages of raw materials; significant increases in interest rates or the level of the Company's indebtedness; major slow downs in the retail, travel or entertainment industries; the loss of several of the Company's major customers; underutilization of the Company's plants and factories; and the amount and rate of growth of the Company's selling, general and administrative expenses. -0-