SP Industries Appoints New Executive Leaders
SP Industries’ Chairman of the Board of Directors, Robert A. Newbold, has announced that Mr. Bill Downs will be assuming the role of Chief Executive Officer and Mr. Michael Bonner will be assuming the role of Chief Financial Officer.
Mr. Downs joined SP Industries in 2010 as General Manager for the SP Scientific group and has served with distinction most recently as Executive Vice President on the senior leadership team. Bill brings solid business experience, strong leadership and a track record of career success and accomplishment to his new role. He will be responsible for leading the Company forward in execution of its strategic plans of growth and value enhancement, and will serve as a member of the SP Industries Board. Prior to joining the Company, Bill was President of Stock Equipment Company, a subsidiary of Schenck Process GmbH in Germany and a trusted leader in the power industry. He earned his undergraduate degree from the University of Akron and his MBA from Cleveland State University.
Mr. Bonner began his role as CFO with SP Industries on January 21, 2013. Mike is a highly effective, hands-on leader with varied and successful company experiences in private equity, public, foreign owned and franchised based business structures. After graduating from LaSalle University, Mike began his career with Arthur Andersen in Philadelphia and obtained his CPA. He then earned his MBA from Drexel University. Most recently he has served as Executive Vice President and CFO of Quickie Manufacturing Corporation, the largest cleaning tools manufacturer in North America.
Mr. Charles Grant will retire from the Company. He will remain as a senior advisor to the company and will be available as a consultant for the SP Industries Board as needed.
SP Industries is a manufacturer of specialty glassware under the brand Wilmad-LabGlass and research-through-production equipment serving the pharmaceutical, biotechnology, educational, industrial, aeronautic, semiconductor and OEM markets under the brand SP Scientific, which includes Genevac, Hull, VirTis, National-Hotpack and FTS Systems. SP Industries is owned by Graham Partners, a leading, lower-middle market private equity firm based in suburban Philadelphia with over $1.5 billion under management. Graham Partners is sponsored by the privately held Graham Group of York, Pennsylvania, an industrial and investment concern with global interests in plastics, packaging, machinery, building products and outsource manufacturing.