NASHVILLE, TN., March 16, 2015 – The Carlstar Group, LLC (“Carlstar” or the “Company”) today announced the appointment of John C. Salvatore as Chief Executive Officer, effective immediately.
Dino Cusumano, Partner of American Industrial Partners (“AIP”), Carlstar’s majority shareholder commented: “We are very excited to have John lead Carlstar as its CEO. John brings with him a long history of leadership and accomplishments in the industrial economy, having held senior roles at companies including BASF, Degussa Corporation and Harris Specialty Chemicals, among others. He was most recently Head of BASF Construction Chemicals Americas where he was responsible for a business approaching $1.0 billion in annual sales. John has great familiarity with Carlstar’s business, having served on the Board of Directors since mid-2014, and we expect his transition to CEO to be seamless.”
“We would like to thank Kevin Forster for his significant contributions to Carlstar’s growth and success over the past four years as its CEO”, said Dino Cusumano. “Carlstar is performing very strongly today and is well positioned for the future. Additionally, Kevin was instrumental in successfully carving the business out of Carlisle Corporation and creating a stand-alone business which continues to manufacture and market specialty tires, wheels and belts under industry leading brand names such as Carlisle®, Ultimax®, ITP®, Cragar®, Black Rock®, and Unique®. Kevin will continue as a member of the Board of Directors of the Company as well as a Senior Advisor to American Industrial Partners.”
“I’m thrilled to be joining The Carlstar Group as its CEO. The Company has been a market leader for over 100 years and continues to grow and innovate in support of its customer’s objectives,” said John Salvatore. “I look forward to working closely with the Company’s employees to continue the outstanding progress.”
Mr. Salvatore has been a member of the Board of Directors of The Carlstar Group since June 2014. From 2006 – 2013 he was Head of the Construction Chemicals Americas business of BASF. Prior to that, from 2001 – 2006 he was President of the NAFTA Region for Degussa Corporation and President and CEO of Degussa Construction Chemicals, Inc. Earlier in his career he held various marketing, business development and leadership roles in Harris Specialty Chemicals, Inc., Tremco Inc. (division of B.F. Goodrich) and W.R. Grace & Co. Mr. Salvatore earned a Bachelor of Technology, Architectural Building Sciences from Ryerson University.
About The Carlstar Group
The Carlstar Group LLC (formerly CTP Transportation Products) is a leading producer of industrial belts, wheels, and specialty tires for agriculture, construction, industry, outdoor power equipment, powersports, towables and trailers. The Carlstar Group offers a comprehensive line of performance products for original equipment and aftermarket customers with a strong family of brands including Carlisle® belts, tires, and wheels, Ultimax® powersports belts, ITP® tires and wheels, as well as Cragar®, Black Rock® and Unique® wheels. Products are made in ISO-registered manufacturing facilities, supported by innovative product development and a team focused on customer satisfaction. The Carlstar Group employs 4000 associates in 22 facilities located in five countries. Since 1917, a culture of converting great ideas into advanced products has created a legacy of excellence in product innovation, quality and customer service. Further information is available at www.carlstargroup.com.
This release contains forward looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding prospective financial information that is based on assumptions and estimates that are inherently uncertain. Such assumptions and estimates may not be realized and are subject to significant business, economic and competitive risks and uncertainties, including those described in the offering memorandum for our senior secured notes, all of which are difficult to predict and many of which are beyond our control. These and other risks and uncertainties may cause our estimated financial information to materially adversely differ from our actual results. Accordingly, no assurance can be made that we will achieve the results set forth in our estimated financial information, and investors should not place undue reliance on our estimated financial information. Neither the Company’s independent auditors, nor any other independent accountants, have compiled, examined or performed any procedures with respect to the prospective financial information contained herein.