Exhibit 99.1
NEWS BULLETIN
FOR FURTHER INFORMATION:
At the company:
John R. Beatty
Vice President - Human Resources
(417) 890-0102
FOR IMMEDIATE RELEASE
Friday, November 3, 2000
DT INDUSTRIES ANNOUNCES NEW PRESIDENT AND CHIEF EXECUTIVE OFFICER
SPRINGFIELD, Mo., November 3, 2000-- DT Industries, Inc. (NASDAQ: DTIIE)
announced today that Stephen J. Perkins will be joining the company as
President and Chief Executive Officer effective November 6, 2000. Mr.
Perkins, age 53, was hired after a search conducted by an internationally
known executive search firm.
"Steve Perkins is a proven leader with many years of experience heading
public companies with multiple operating locations," said James J. Kerley,
Chairman of the Board who has been serving as interim chief executive officer.
"We believe Steve is an ideal individual to lead DT Industries through the
challenges facing the company in the months and years ahead."
"I am thrilled to be joining DT Industries at this crossroads in its
history," said Mr. Perkins. "I am anxious to begin working with the Board of
Directors, our management team and all of our employees to put our past
difficulties behind us. We have a lot to accomplish in the coming months, but I
am confident that working together we will be successful in our efforts to
return DT Industries to profitability and create meaningful value for all of our
stakeholders."
Mr. Perkins joins DT Industries after serving as the President and Chief
Operating Officer and as the Chief Executive Officer-designate of Commercial
Intertech Corp., a Youngstown, Ohio-based manufacturer of hydraulic components
and systems and engineered building systems and products. Prior to its
acquisition by Parker-Hannifin Corporation in early 2000, Commercial Intertech
Corp. was a publicly traded company with approximately 4,000 employees at 27
operating facilities in seven countries.
From 1996 to 1999, Mr. Perkins was President and Chief Executive Officer
of Aftermarket Technology Corp., a Westmont, Illinois-based, public company
with annual sales in excess of $500 million. Aftermarket Technology Corp. is
a remanufacturer and a distributor and provider of logistic services to the
automotive aftermarket. From 1979 until 1996, Mr. Perkins served in
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various capacities, including President and Chief Executive Officer from 1983
until 1996, with Senior Flexonics Inc. of Bartlett, Illinois. Mr. Perkins began
his career in 1968 as an industrial engineer with United States Steel and also
served in various manufacturing management positions with Copperweld Corporation
from 1971 to 1979. Mr. Perkins has a Bachelor of Science degree in Industrial
Engineering from the University of Pittsburgh and a Masters degree in Business
Administration from the University of Chicago.
In related news, the company announced that Stephen J. Gore has resigned as
president and chief operating officer. Mr. Gore has agreed to provide consulting
services during a transition period. "The company expresses its gratitude to
Steve Gore for his service and wishes him well in his future endeavors," said
Mr. Kerley. "Steve played an instrumental role in the growth of DT Industries
and was the driver behind the company's impressive levels of bookings and
backlog over the past 12 months."
DT Industries, Inc. is a leading designer, manufacturer and integrator of
automated production systems used to assemble, test or package industrial and
consumer products. The company also produces precision metal components, tools
and dies for a broad range of industrial applications.
Certain information contained in this press release includes forward-looking
statements. These statements comprising all statements herein which are not
historical are based upon the Company's interpretation of what it believes are
significant factors affecting its businesses, including many assumptions
regarding future events, and are made pursuant to the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. References to "opportunities",
"growth potential", "objectives" and "goals", the words "anticipate", "believe",
"estimate", "expect", and similar expressions used herein indicate such
forward-looking statements. Actual results could differ materially from those
anticipated in any forward-looking statements as a result of various factors,
including economic downturns in industries or markets served, delays or
cancellations of customer orders, delays in shipping dates of products,
significant cost overruns on certain projects, excess product warranty expenses,
collectibility of past due receivables, significant restructuring or other
special, non-recurring charges, foreign currency exchange rate fluctuations,
delays in achieving anticipated cost savings or in fully implementing project
management systems, availability of credit at acceptable terms, changes in
interest rates, increased inflation, the outcome of pending litigation related
to the previously announced accounting irregularities, and the company's ability
to implement operational and financial systems to manage the company's
decentralized operations.
