CHARLOTTE, Mich., May 1 /PRNewswire-FirstCall/ — Spartan Motors, Inc.
(Nasdaq: SPAR) today announced its board of directors has increased the size
of the board from seven to eight members and elected Hugh W. Sloan, deputy
chairman of the Woodbridge Foam Corporation, to the board. Sloan will serve
as an independent director and on the audit and compensation committees.
“Hugh Sloan brings extensive operational and board experience to Spartan,”
said David R. Wilson, chairman of Spartan Motors. “He has a successful track
record of building growth companies and his experience with global markets
will be a critical perspective as we focus on becoming the premier
manufacturer of specialty vehicles and chassis in North America.”
Sloan is deputy chairman of the board of the Woodbridge Foam Corporation,
a $1 billion supplier of polyurethane foam to the automotive industry with 85
operations worldwide. For more than 20 years, Sloan held various management
positions with Woodbridge Foam Corporation, including president of the
company’s automotive group. Sloan is a member of the boards of directors of
Manulife Financial Corporation and Wescast Industries Inc. and a former
president, general manager and director of Budd Canada, Inc. He is also a
former Staff Assistant to President Richard Nixon and a former Trustee of
Princeton University.
About Spartan Motors
Spartan Motors, Inc. (theshyftgroup.com) designs, engineers and
manufactures custom chassis and vehicles for the recreational vehicle, fire
truck, ambulance, emergency-rescue and specialty vehicle markets. The
Company’s brand names — Spartan(TM), Crimson Fire(TM), Crimson Fire
Aerials(TM), and Road Rescue(TM) — are known for quality, value, service and
being the first to market with innovative products. The Company employs
approximately 1,100 at facilities in Michigan, Pennsylvania, South Carolina,
and South Dakota. Spartan reported sales of $445 million in 2006 and is
focused on becoming the premier manufacturer of specialty vehicles and chassis
in North America.
This release contains forward-looking statements, including, without
limitation, statements concerning our business, future plans and objectives
and the performance of our products. These forward-looking statements involve
certain risks and uncertainties that ultimately may not prove to be accurate.
Actual results and future events could differ materially from those
anticipated in such statements. Technical complications may arise that could
prevent the prompt implementation of the plans outlined above. The company
cautions that these forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in the company’s Annual
Report on Form 10-K filing and other filings with the United States Securities
and Exchange Commission (available at http://www.sec.gov). Government
contracts and subcontracts typically involve long payment and purchase cycles,
competitive bidding, qualification requirements, delays or changes in funding,
extensive specification development and changes, price negotiations and
milestone requirements. An announced award of a governmental contract is not
equivalent to a finalized executed contract and does not assure that orders
will be issued and filled. Government agencies also often retain some portion
of fees payable upon completion of a project and collection of contract fees
may be delayed for long periods, which can negatively impact both prime
contractors and subcontractors. The company undertakes no obligation to
publicly update or revise any statements in this release, whether as a result
of new information, future events or otherwise, except as required by law.
SOURCE Spartan Motors, Inc.
CONTACT: Jim Knapp, CFO of Spartan Motors, Inc., +1-517-543-6400, or
Ryan McGrath, [email protected] or Jeff Lambert, both of Lambert,
Edwards & Associates, Inc., +1-616-233-0500
Web site: https://theshyftgroup.com