Industry News

Leo J. Daley Resigns as Director of OM Group

Published on 2006-03-10. Author : SpecialChem

CLEVELAND, -- OM Group, Inc. (NYSE: OMG) announced that Leo J. Daley has resigned from OM Group's Board of Directors for personal reasons. He will serve as a director until the company's annual meeting of shareholders scheduled for May 2, 2006. Daley joined OM Group's board when the company's interim chief executive officer was Frank Butler.

Joe Scaminace, OM Group's chairman and chief executive officer, stated, "On behalf of the Board and the management team, I want to thank Leo for his energy and counsel while serving on the OMG board."

At the time of Daley's departure, OM Group's Board will be reduced to five directors.


OM Group is a leading, vertically integrated international producer and marketer of value-added, metal-based specialty chemicals and related materials. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia, Africa and Australia.

Forward Looking Statemanets

The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: the speed and sustainability of price changes in cobalt and nickel; the potential for lower of cost or market write-downs of the carrying value of inventory necessitated by decreases in the market prices of cobalt and nickel; the availability of competitively priced supplies of raw materials, particularly cobalt and nickel; the risk that new or modified internal controls, implemented in response to the 2004 investigation by the audit committee of the Company's board of directors and the Company's examination of its internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, are not effective and need to be improved; the demand for metal-based specialty chemicals and products in the Company's markets; the effect of fluctuations in currency exchange rates on the Company's international operations; the effect of non-currency risks of investing and conducting operations in foreign countries, including political, social, economic and regulatory factors; the effect of changes in domestic or international tax laws; the outcome of the previously announced SEC Division of Enforcement review of the investigation conducted by the Company's audit committee; and the general level of global economic activity and demand for the Company's products.

Source: OM Group

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