AptarGroup Reports Record First Quarter Results; Announces 18% Dividend Increase and 2-for-1 Stock Split; CEO Carl Siebel to Retire at End of Year
Wednesday April 18, 5:00 pm ET
CRYSTAL LAKE, Ill.--(BUSINESS WIRE)--AptarGroup, Inc. (NYSE:ATR - News) today reported record first quarter results and announced an increased dividend and stock split.President and CEO, Carl Siebel, announced his plans to retire effective December 31, 2007.
...Commenting on the quarter, Carl Siebel, President and CEO, said, "We had an outstanding quarter with exceptionally strong profit growth and broad-based revenue growth reported by all of our business segments.
added, "Strong demand for our innovative dispensing systems across all of our business segments and our ability to control costs continue to deliver solid earnings growth."
commented, "The outlook for our second quarter is good at this time.
commented, "With our cash generating ability and our strong balance sheet, we are able to return value to shareholders and remain well positioned to take advantage of strategic acquisitions should they present themselves."
TO RETIRECarl Siebel
has advised the Board of his
decision to retire effective December 31, 2007.Mr. Siebel
intends to continue to serve as a director of AptarGroup
.The Board has selected Peter Pfeiffer, AptarGroup's Vice Chairman since 1993, to succeed Siebel as President and CEO effective January 1, 2008.
commented, "I have worked for the Company for most of my professional career and I am ready to step back from the day-to-day management of the business.
Board Chairman, King Harris
, said, "Carl
has been with the Company over 45 years and his
legacy of strategic planning, customer focus, core values, and unbounded energy is embedded in our culture.Over the years he
has strengthened the senior management team and, under his
has expanded globally through start-up operations and acquisitions and is today present in 19 different countries.During his
tenure, revenues have grown from $560 million in 1995 to over $1.6 billion in 2006, and profits have nearly tripled in this same period.In addition, Carl has led AptarGroup to develop or acquire many innovative dispensing technologies that have propelled the Company to become the undisputed leader in its industry."
Harris concluded, "The Board is very confident in AptarGroup's future leadership with Peter Pfeiffer's broad industry experience and a very capable senior management team that has worked closely with Carl
, Peter, and Steve executing AptarGroup's strategy over the past decade."