WILMINGTON, Mass.--(BUSINESS WIRE)--Accellent, a leading provider of outsourced precision manufacturing and engineering services to the medical device industry, announced today that effective November 13, 2009, Robert E. Kirby is leaving the company. Mr. Kirby has accepted a position with a consumer products firm, marking his return to an industry in which he had served for much of his career prior to joining Accellent. A comprehensive search is underway to identify the next Chief Executive of Accellent.
Kenneth W. Freeman, Accellent’s Executive Chairman since December 2006, will be actively involved with the management of the Company until the search and appropriate transition are complete. Mr. Freeman is a member of the general partner of Kohlberg Kravis Roberts & Co. Prior to joining KKR in 2005, Mr. Freeman served as Chairman and CEO of Quest Diagnostics Incorporated and its predecessor company from 1995 to 2004.
“Accellent’s people are exceptionally talented and dedicated, and it has been a great privilege to work alongside them. I am proud of what we have accomplished together,” Mr. Kirby commented. “I have never been more confident in the Company’s future. As I return to the industry to which I have devoted over 25 years of my career, I leave the Company in the hands of an outstanding, highly experienced management team.”
Mr. Freeman stated, “On behalf of the Board of Directors and principal shareholders of Accellent, we wish to extend our sincere appreciation for Bob Kirby’s contribution. During Bob’s tenure, the Company’s profitability and cash generation markedly improved as a result of a significant focus on driving operational improvements. Bob also helped to strengthen the Company’s management team, and the Board is confident that this team will continue to build on its achievements now and in the future, with the addition of a new CEO.” Mr. Freeman added, “The Company is poised to take advantage of its industry leadership position and manufacturing and engineering capabilities to accelerate growth.”
About Accellent
Accellent, Inc. provides fully integrated, outsourced manufacturing and engineering services to the medical device industry in the cardiology, endoscopy and orthopaedic markets. Accellent has broad capabilities in design and engineering services, precision component fabrication, finished device assembly and complete supply chain management. These capabilities enhance customers’ speed to market and return on investment by allowing companies to refocus internal resources efficiently. For more information please visit www.accellent.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the risk factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission on March 31, 2009. All forward-looking statements are expressly qualified in their entirety by such risk factors.
Contact:
Investor Contact: Accellent, Inc. Jeremy A. Friedman, 978-570-6900 Executive Vice President & Chief Financial Officer jeremy.friedman@accellent.com
