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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
August 16, 1999
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(Date of earliest event reported)
CMI Corporation
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(Exact name of registrant as specified in its charter)
Oklahoma 1-5951 73-0519810
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
I-40 and Morgan Road, P. O. Box 1985, Oklahoma City, Oklahoma 73101
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(Address of principal executive offices) (Zip Code)
(405) 787-6020
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Registrant's telephone number, including area code
Item 5. Other Events.
On August 16, 1999, CMI Corporation ("CMI") announced the retirement of
Bill Swisher from his executive officer position with CMI. Mr. Swisher will
continue to serve as the Chairman of the Board of Directors of CMI. In
addition, Mr. Swisher has agreed to a two-year consulting arrangement with CMI.
A copy of the press release announcing the retirement of Mr. Swisher is
filed as Exhibit 99.1 to this Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
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99.1 Press Release of CMI Corporation dated August 16, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CMI CORPORATION
Date: August 16, 1999 By: /s/ Tom Engelsman
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Tom Engelsman, Chief Executive Officer
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EXHIBIT 99.1
FOR ADDITIONAL INFORMATION, CONTACT:
Jim Holland Woody Wallace
Chief Financial Officer The Investor Relations Company
405-491-2057 847-564-5610
FOR IMMEDIATE RELEASE - OKLAHOMA CITY - August 16, 1999
FOUNDER SWISHER RETIRES AS OFFICER OF CMI
WILL CONTINUE AS BOARD CHAIRMAN AND CONSULTANT
Oklahoma City, OK - August 16, 1999 -- G. W. "Bill" Swisher, Jr., 68, founder
and chairman of CMI Corporation (NYSE: CMI), today announced he is retiring as
an officer and employee effective August 12, 1999, but will stay on as Chairman
of the Board. To insure a smooth transition, Mr. Swisher has also signed a two
year consulting contract with the company.
Mr. Swisher founded CMI in 1964 as an extremely innovative automated heavy
industrial equipment manufacturer for the road construction, construction,
transportation, mining and process controls industries worldwide. He has had a
role in the development and issuance of more than 50 United States and
international patents. CMI was one of the earliest manufacturers of heavy
automated road construction equipment and was largely responsible for the
recognition and early growth of this industry segment.
"As the company's annual revenues approach $250 million, it looks more strongly
toward further acquisitions and international industry participation. It makes
sense to turn operations over to the next leadership generation that has ample
experience operating in much larger corporations. The time is right. I will
continue to contribute where and as I can as a board member and consultant," Mr.
Swisher stated.
In 1998, industry executive Tom Engelsman, 49, joined CMI and is now the
company's Chief Executive Officer. Mr. Engelsman has experience with a few
billion dollar class companies like Ingersoll Rand, Dresser-Rand, Beloit and
Landis & Gyr.
"Tom and the existing executive team will lead the company into the 21st
century. They are well equipped to secure the kind of size and profitability we
are talking about," Mr. Swisher added.
Throughout his illustrious career, Mr. Swisher is or has been involved in many
industry, governmental, community, charitable and civic activities.
He was honored as one of the first inductees into the Construction Equipment
Hall of Fame, an international foundation which salutes individuals for
outstanding contributions to the development of new equipment and technology;
and was honored by the Equipment Manufacturers Institute, the world's oldest and
largest trade association for manufacturers of
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Page 2 - Swisher
agricultural and construction equipment, as one of history's significant
contributors to the mechanization of agriculture and construction.
In recognition for his many contributions to his state and community, he was
inducted into the Oklahoma Heritage Hall of Fame. He currently serves on the
Board of Directors of The Road Information Program, the Construction Industry
Manufacturers Association and the Economic Advisory Board of the Federal Reserve
Bank in Kansas City. He is a past Director and Executive Board member of the
American Road & Transportation Builders Association, the American Transportation
Advisory Council, and the International Road Federation. During the Ford
Administration, he served as a Board member of the United States Patent &
Trademark Council, as well as the U. S. District Trade & Export Advisory
Committee.
In the community and civic areas, Mr. Swisher is currently serving as a Director
of Oklahoma Gas and Electric Company; a Director and on the Executive Committee
of the Oklahoma Medical Research Foundation; a Director of the Oklahoma City
Chamber of Commerce; a Director of the State Fair of Oklahoma; a Director on the
Board of Trustees of United Way of Greater Oklahoma City; on the Board of the
Oklahoma City Allied Arts Foundation; on the Board of the National Council of
the Boy Scouts of America, and was Chairman of the 1989 National Boy Scout
Jamboree.
Mr. Swisher served two terms as President of the Oklahoma City Chamber of
Commerce and is a Past President of the Oklahoma State Chamber of Commerce &
Industry. He also served three terms as President of the Last Frontier Council
of the Boy Scouts and three terms as President of the South Central Region of
the Boy Scouts of America, responsible for 44 Councils in six states and has
been awarded Scouting's highest national leadership honor, the Silver Buffalo.
He was also Chairman of the Board of Trustees of Mercy Health Center for five
terms. Mr. Swisher has served as Chairman of several annual civic fund drives,
including the Greater Oklahoma City United Way, the combined Allied Arts, and
Junior Achievement of Oklahoma City. He is also on the Board of Visitors of the
College of Engineering at the University of Oklahoma and on the Board of
Trustees on the National Asphalt Paving Association Educational Foundation at
Auburn University.
CMI Corporation is a growing innovator, designer and manufacturer of equipment
for heavy-duty construction and infrastructure applications. The company's
leading-edge equipment is used to build, maintain, and reconstruct roads,
highways, bridges and airport runways. Recent acquisitions provide CMI strong
capabilities in concrete plant production, product offerings in compaction
technology for landfills and road bases, and industrial grinding for landfills,
construction, land clearing and other disposable applications.
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This news release contains forward-looking statements concerning the future
performance of CMI Corporation, which are subject to a number of factors
including, but not limited to highway funding, adverse weather conditions,
general economic conditions and political changes both domestically and
overseas.
