Fiserv launches new electronic resources for clients; Super Steel files for receivership
Fiserv launches new electronic resources for clients
Fiserv Inc. has built a unique thought leadership community, the Fiserv Boardroom Series, designed exclusively for its clients.
Through the Fiserv Boardroom Series, subject matter experts from Fiserv share business insights, market trends and research data providing financial institution leaders with the latest information to help them plan for their future.
“The Fiserv Boardroom Series provides our clients with the latest information to support their strategic planning activities and improve their overall business performance,” said Mark Sievewright, senior vice president of strategic marketing at Fiserv.
Sievewright has 30 years of experience in the financial services industry. Before joining Fiserv in 2004, he held senior leadership roles at HSBC in London, MasterCard International in Brussels, Payment Systems, Inc. in Florida and served as president and chief executive officer of TowerGroup, a leading research and advisory firm for the financial services industry.
The Fiserv Boardroom Series community offers multi-media tools, including videos, executive briefings, webinars, white papers and more.
“Our sole objective for this program is to provide our clients with information and insights that can help them navigate the dynamic marketplace we are in today and prepare them for the opportunities on the horizon,” said Don MacDonald, executive vice president and chief marketing officer of Fiserv. “Fiserv clients need access to relevant consumer and industry data, information and insights that can help them shape both business strategy and tactical execution. At Fiserv we are committed to our clients’ success and we will continue to look for new innovative ways to help them achieve best-in-class results.”
Fiserv clients may sign up for the Boardroom Series at http://communities.fiserv.com.
Super Steel files for receivership
Super Steel Products Corp., a Milwaukee-based manufacturer of metal products and equipment for the industrial, construction, agricultural and railroad markets, has filed a petition for receivership under Chapter 128 of the Wisconsin Statutes.
Super Steel president Jim Schmelzer said the filing, made today in Milwaukee County Circuit Court, is part of a strategic business effort to reposition the company for new growth and success as the United States emerges from the current economic downturn.
Michael Polsky, a Milwaukee attorney, has been appointed as the court-appointed receiver of the company.
Super Steel operates at two facilities in Milwaukee – its headquarters and manufacturing facility at 7900 W. Tower Ave., and its transportation and manufacturing facility at 7100 W. Calumet Road.
The company, which employs approximately 250 people, has roots in Milwaukee dating back to 1923.
Schmelzer stressed that Super Steel remains in business, that it expects substantially all of its jobs to remain in place and that the company will continue to accept and fill all customer orders throughout the Chapter 128 process. The company has secured funding to cover its operations during the reorganization effort, he said.
“Today’s filing gives Super Steel the time and framework to reposition while we continue to operate our business as usual. We have a going business, a backlog of orders and excellent employees – this step changes none of that,” he said. “Super Steel will keep supporting its workforce, keep buying goods and services from its vendors and keep providing customers with the quality products and services they’ve come to expect from us. Our goal is to preserve and strengthen the business so that Super Steel can be an even more successful and stronger competitor in the future.”
In conjunction with the Chapter 128 filing, Schmelzer said that Super Steel Chairman Fred Luber, who currently holds a significant stake in the business, intends to submit a bid to purchase the company’s assets. Other interested buyers can file bids as well, with the winning bid to be determined by the court. No bid deadline has been set at this point.
While all work will continue and while Super Steel expects its workers to continue to have their jobs, Schmelzer said a so-called WARN (Worker Adjustment & Retraining Notice) Act notice and a notice under the Wisconsin Business Closing Law must be provided according to federal and state laws. The notices are required in this case because the structure of the Chapter 128 proceeding could technically result in the administrative termination of all employees at the end of the process even though the receiver intends to sell the company as a going concern.
Any buyer of the business is expected to immediately rehire substantially all Super Steel employees under its new ownership and operation of the business.
The decision to reorganize was difficult, but necessary, Schmelzer said.
“It’s no secret that times have been tough in the manufacturing industry. We’ve experienced significant challenges along with our customers, our competitors and everyone else,” he said. “But we also see good signs that the economy is improving. As that turnaround approaches, we want to ensure Super Steel is effectively positioned to maximize its opportunities. Many people, including our employees, customers, vendors and many others, want Super Steel to succeed – and for that, we are grateful. We look forward to the successful conclusion of this process and to continuing the quality work our company has done here in Milwaukee for decades.”
Super Steel spokesman Evan Zeppos said Super Steel’s decision to file for receivership was not related to today’s announcement that Talgo Inc, a Spanish train company, has decided to build a new assembly plant at the former Tower Automotive site, rather that at Super Steel. Super Steel had been one of six finalists for the Talgo site.
“One contract would not have reversed the economic impact we’ve been facing at Super Steel,” Zeppos said. “However, Super Steel would have done an excellent job with that contract. We’re still in a position to be a good subcontractor on that project. We have received some additional work and contracts recently and we have a backlog now. But those aren’t enough to overcome the stress we’re facing, so (the filing) is really not related (to Talgo).”
At its peak earlier this decade, Super Steel had more than 700 employees.
In 2008, the company closed its facility in Schenectady, N.Y., and the company is leasing out part of one of its Milwaukee facilities.
“Super Steel has experienced a difficult time related to the economic conditions,” Zeppos said. “In recent weeks, it became clear that reorganizing under Chapter 128 was the best option. I think this is a great company with a great future – there will be at least one other buyer who will look to buy the company as a going concern.”
