Six-year Paul Mueller Co. President and CEO Matthew Detelich has resigned, and the Springfield manufacturer has named Robert Nosal as his successor. The move was effective April 19, according to an April 20 news release, which said Detelich was pursuing other interests.
The release didn't specify the reason for Detelich's exit or his future plans.
"The board of directors expresses their appreciation for Mr. Detelich's long service to the company and wishes him well in his future endeavors," the release said.
Multiple calls to Paul Mueller Co. for comment were not returned by deadline.
According to the release, Nosal has a range of executive experience, his accomplishments including business turnarounds and implementing value-adding programs driving global sales and profit growth. Nosal received his bachelor's degree in chemical engineering from Rensselaer Polytechnic Institute in New York and his master of business administration from Wake Forest University - Babcock Graduate School of Management. Prior work experience was not listed in the release.
According to Nosal's LinkedIn profile, he most recently worked as a vice president for Columbus, Ohio-based Hexion Specialty Chemicals, working in the greater Chicago area.
Detelich was elected president and CEO of Paul Mueller Co. in October 2005 and worked with the company since 1997 as business unit manager for processing systems and as president of Mueller Field Operations Inc., a field fabrication subsidiary, according to
Springfield Business Journal archives.
In a separate news release issued April 21, Paul Mueller Co. (OTC: MUEL.PK) announced an $8 million loss for the year ended Dec. 31.
The 2010 unaudited results attributed part of the loss to a noncash charge of $5.7 million recorded during the fourth quarter as a valuation of allowance against a portion of Paul Mueller Co.'s net deferred tax assets. The valuation allowance was required because domestic operations incurred a cumulative loss before tax during the three-year period ended Dec. 31, according to the release.
The company recorded a year-end loss per diluted share of $6.70, compared to a 16 cent loss per diluted share in 2009.
Sales in 2010 were $129.6 million, down 23 percent from $167.5 million in 2009.
The company said in the release that 2011 bookings are up 38 percent and shipments have increased by 34 percent.
Paul Mueller Co. manufactures stainless steel equipment and performs on-site construction, repair and maintenance.
The company's pink sheet stock closed April 21 at $21 per share, compared to a 52-week range of $14.56 to $30 per share.[[In-content Ad]]
