Jason Industries, Inc. on Tuesday announced a reorganization aimed at streamlining operations, improving customer experiences and creating value for shareholders.
The Milwaukee-based parent company of several manufacturers will now streamline its sales organization to target core end-markets under two commercial groups – seating and acoustics and finishing and components. The company will also add a president and chief operating officer to implement initiatives in manufacturing and commercial services.
Chairman and chief executive officer Jeffry Quinn, who was named to the role in December, said the realignment would better position the company and would help achieve cost synergies across the company. Despite the reorganization, the company will continue to report financial results for each of the four segments.
Jason is the parent company for a number of firms including Assembled Products in Buffalo Grove, Ill.; DRONCO in Wunsiedel, Germany; Janesville Acoustics in Southfield, Mich.; Metalex in Libertyville, Ill.; Milsco in Milwaukee; Osborn in Richmond, Ind. and Burgwald, Germany and Sealeze in Richmond, Va. Jason employs 4,400 individuals in 14 countries and had net sales of $171.2 million in the third quarter of 2015.
The company announced Srivas Prasad has been appointed senior vice president and general manager for seating and acoustics, and Steve Carollo has been named senior vice president and general manager for finishing and components. As part of this restructuring, Florestan von Boxberg and David Cataldi will be leaving the organization.
The board of directors has hired an international search firm to identify a permanent president and COO. A. Craig Ivey, a partner at St. Louis-based investment and operations firm Quinpario Partners, will serve in the roles on an interim basis. He will have responsibility for all commercial, manufacturing, technology and strategic aspects of the business.
