ASHEVILLE, N.C., Jan. 8, 2013 /PRNewswire/ -- Kenneth Glass, chairman and former chief executive officer of TECT, announced the following significant events at TECT:
- In continued support of TECT's customers and its commitment to the aerospace and turbine engine industries it serves, the board of directors has recently approved a strategic plan focused on capital investment that will continue TECT's past practice of reinvesting virtually all free cash flow into manufacturing technologies and capacity expansion.
- To support the strategic plan, TECT has successfully completed the arrangement of a new credit facility, which provides the necessary access to capital required to finance its plans.
- Effective January 2, 2013, Glass retired as chief executive officer of TECT, but he is continuing as chairman of the board of directors. Robert Cohen, the president of TECT Power, succeeded Glass as the president and CEO of TECT. Cohen has full customer and operational responsibilities.
- Bernie Stanek assumed the newly created role of chief administrative officer of UCA Holdings, the parent company of TECT. Stanek's responsibilities include capital financing, accounting, corporate governance and administration. Cohen and Stanek report directly to Glass in his continuing role as chairman of the UCA and TECT boards of directors.
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Since 1995, Glass has built TECT from a financially distressed two-facility operation in Utica, New York, to a financially sound and growth-oriented enterprise. TECT is now one of the largest privately held aerospace-focused manufacturers in the world, consisting of eleven facilities located in seven states and two countries.
Over the past decade, Kenneth has prepared the organization for his eventual retirement by recruiting and developing a high-quality management team and public company style board of directors to continue the high level of customer commitment and corporate governance that has been exhibited under his leadership. "I am fully confident that Rob and Bernie, with the support of management and the board of directors, are fully capable of assuming their new roles in the business," said Kenneth.
TECT is a family of privately held, independently managed aerospace companies currently consisting of the TECT Aerospace and TECT Power business units. With more than 115 years of continuous operations, the TECT businesses have a unique blend of business processes, equipment, and proprietary manufacturing capabilities that have earned them leading positions in many of their product niches. TECT's philosophy of utilizing a fully integrated supply chain allows them to deliver precision components and assemblies to customers worldwide with unmatched quality and speed. To learn more, visit www.tectcorp.com.