Following a months-long
proxy fight initiated by Elm Grove-based
WM Argyle Fund, which sought to take over the board of directors for Cicero, Illinois-based
Broadwind, Inc., the company’s shareholders have opted to re-elect their original board members.
Broadwind has a heavy fabrications plant in Manitowoc. The company designs and manufactures precision structures, equipment and components for clean tech.
WM Argyle Fund, led by chief executive officer
Ryan Bogenschneider, owns approximately 1% of Broadwind’s common stock, worth about $1.2 million. WM Argyle Fund, citing poor company performance and a lack of profitability, nominated its own slate of board nominees earlier this year, all with ties to Bucyrus International, which was based in South Milwaukee before it was acquired by Caterpillar in 2011.
Despite WM Argyle Fund’s campaign, Broadwind shareholders re-elected all seven board members at the end of May.
“We appreciate the continued, broad-based support of our stockholders, as demonstrated by the re-election of all seven of our incumbent directors,” said the newly re-elected board in a statement. “During our campaign-related engagement with the investment community, we received both positive feedback on the significant commercial and operational achievements delivered by the leadership team, together with constructive insights that will serve to drive continuous improvement in the years ahead. Looking ahead, we remain highly focused on supporting the execution of our strategic plan, while continuing to maximize value creation for our stockholders, consistent with our fiduciary duties.”
Broadwind’s first quarter results show the company reported total revenue of $48.9 million, an increase of 17% when compared to the prior-year period.
