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EXHIBIT 99.3
FOR IMMEDIATE RELEASE
January 11, 2001
Contact:
Sheldahl, Inc. Troy McCombs
1150 Sheldahl Road Coltrin & Associates
Northfield, MN 55057 (212) 221-1616
SHELDAHL ANNOUNCES ORGANIZATIONAL CHANGES
FOLLOWING MERGER WITH IFT
COMPANY CREATES TWO BUSINESS UNITS TO SIMPLIFY OPERATIONS AND
INCREASE CUSTOMER FOCUS; NEW SENIOR EXECUTIVES ANNOUNCED
Northfield, MN - January 11, 2001 - Sheldahl Inc. (NasdaqNM: SHEL) today
announced organizational changes following its recent merger with International
Flex Technologies Inc. (IFT). The Company said it will combine its Longmont,
Colorado operation with the former IFT operation in Endicott, New York and will
call the new business unit International Flex Technologies. The Company also
announced that it has created a second business unit, which will be called
Sheldahl Materials and Flex Interconnects (SMFI).
Donald R. Friedman, in addition to his responsibilities as Sheldahl Chief
Executive Officer, will become the acting President of IFT. In addition, William
E. Offenberg has been appointed President of SMFI. With the resignation of Jill
Burchill as Chief Financial Officer, Peter Duff has been named Vice President of
Finance for Sheldahl.
"The formation of these two business units will simplify our business, improve
customer focus and strengthen our ability to execute in a timely manner," said
Mr. Friedman. "We
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are also pleased to have executives of the stature and experience of Bill
Offenberg and Peter Duff join the team. Their respective operating and financial
expertise will be invaluable in guiding Sheldahl to an ever stronger position in
the marketplace."
Prior to joining Sheldahl, Mr. Offenberg served in a number of senior executive
positions. He served as President and Chief Executive Officer of Gatan
International, the world's leading manufacturer of digital imaging and
analytical instrumentation for transmission electron microscopy. Previously, he
was President of Spectra Physics, a leading manufacturer of chromatography
systems.
Peter Duff joined International Flex Technologies as Chief Financial Officer
when the company was formed. Previously, Mr. Duff was Chief Operating Officer of
Sunlite Casual Furniture, Executive Vice President of EJ Footwear, a U.S.
Industries (USI) company, and was Group Chief Financial Officer for several
other USI companies.
SMFI produces specialty materials and flexible interconnect products for
automotive, computer, telecommunications, aerospace and industrial companies
worldwide. IFT produces fine-line flex circuits for leading edge electronics
companies worldwide for use in consumer and business electronics products.
ABOUT SHELDAHL
Sheldahl Inc. is a leading producer of high-density substrates, high quality
flexible printed circuitry, and flexible laminates primarily for sale to the
automotive electronics and data communications markets. The Company, which is
headquartered in Northfield Minnesota, has operations in Northfield: Longmont,
Colorado; Endicott, New York; South Dakota; Toronto, Ontario, Canada; and
Chihuahua, Chih., Mexico. Sheldahl's
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Commons Stock trades on the Nasdaq National Market tier of the Nasdaq Stock
Market under the Symbol: SHEL. Sheldahl news and information can be found on the
World Wide Web at http://www.sheldahl.com.
The discussion above contains statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements by their nature
involve substantial risks and uncertainties as described by Sheldahl's periodic
filings. Actual results may differ materially depending on a variety of factors,
including, but not limited to the following: the achievement of Sheldahl's
projected operating results, the achievement of efficient volume production and
related sales revenue results at Longmont, the ability of Sheldahl to integrate
its Longmont operations with the former IFT operations. Additional information
with respect to the risks and uncertainties faced by Sheldahl may be found in,
and the prior discussion is qualified in its entirety by, the Risk Factors
contained in the Company's filings with the Securities and Exchange Commission
including Sheldahl's Annual Report, Form 10-K for the fiscal year ended
September 1, 2000, and other SEC filings. Sheldahl does not undertake any
obligation to update any such factors or to publicly announce developments or
events relating to the matters described herein.
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