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Jim Schuster Joins Galaxy Tool Board of Directors

Dépèche transmise le 23 juin 2011 par Business Wire

Jim Schuster Joins Galaxy Tool Board of Directors

WINFIELD, Kan.--(BUSINESS WIRE)--Galaxy Tool Holding Corporation announced that Jim Schuster has joined its board of directors and that of its subsidiary Galaxy Tool Corporation. Mr. Schuster has had a long and successful track record of business leadership at Westinghouse, Raytheon Aircraft and most recently, at Hawker Beechcraft Corporation where he was the chairman and CEO. “The Galaxy team has done a great job of laying out a vision for the company and building an infrastructure to execute on that strategy, and we are excited that Jim is joining the board of directors at this time to lend his considerable industry knowledge and experience to the team,” said Gladstone Investment (majority shareholder) President Dave Dullum.

“With the financial strength and support of majority investor Gladstone Investment Corporation, Galaxy has an excellent opportunity to take advantage of both the current and near-term activity we are seeing in a few key aerospace and defense markets, as well as the pick-up in its consumer plastic segment.”

“Jim’s deep understanding of the aerospace and defense markets, along with his strong leadership skills and overall strategic vision will make him an invaluable advisor to Galaxy as it progresses through the industry upturn,” stated Andy Plyler, Galaxy Tool’s chief executive officer. Mr. Plyler continued, “The guidance of the board, and Jim in particular, will be a significant asset to the crisp execution of the company’s strategic plan.”

“Galaxy Tool has a very strong reputation for quality and customer service. The management team has set a solid strategic direction and I am excited about joining the board to contribute to Galaxy’s continued success and growth,” commented Schuster. “With the financial strength and support of majority investor Gladstone Investment Corporation, Galaxy has an excellent opportunity to take advantage of both the current and near-term activity we are seeing in a few key aerospace and defense markets, as well as the pick-up in its consumer plastic segment.”

Galaxy Tool Corporation is located in Winfield, Kan. Galaxy is major supplier for the design, manufacturing and assembly of production tooling for the aerospace, defense and plastic markets. Major customers include Boeing, Spirit Aerosystems, Northrop Grumman, Lockheed Martin, Rubbermaid and Coleman. Gladstone Investment, a publicly traded (NASDAQ: GAIN) business development company, is the majority shareholder of Galaxy Tool Corporation’s parent company Galaxy Tool Holding Corporation. Gladstone Investment focuses on providing debt and equity capital to U.S.-based businesses in connection with acquisitions, changes in control and recapitalizations.