Lawson Products President and COO Jeffrey B. Belford will retire in January after more than 26 years with the company. Thomas Neri, Lawson’s executive vice president for finance, planning and corporate development, will assume the role of COO immediately and will become president beginning in January.
In other Lawson news, the company is starting construction to more than double the size of its facility in Reno, NV, to about 250,000 square feet by mid-2007.
In addition, Lawson will be laying off 40 employees by the end of 2006.
“Each of these departing colleagues has been responsible and loyal to our business in every respect,” said CEO Robert J. Washlow. “However, changes in the way we do business today have dictated that we make certain process improvements to operate more efficiently. Although designed to promote future growth, these changes are often painful.”
Lawson also has offered to purchase up to 1 million common shares in a modified “Dutch Auction” tender offer.
Lawson Products is a distributor to the industrial, commercial and institutional maintenance, repair and replacement (MRO) market. The company also manufactures, sells and distributes production and specialized component parts and provides services and systems to the original equipment marketplace (OEM) including the automotive, appliance, aerospace, construction and transportation industries.
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