Victor A. Mancinelli Named CEO of CTB International Corp.; Chris Chocola to Serve as Chairman of the Board

Business Wire ,  March 10, 1999

MILFORD, Ind.--(BUSINESS WIRE)--March 10, 1999--CTB International Corp. (NASDAQ: CTBC) today announced that Victor A. Mancinelli has been named president and chief executive officer effective April 12. Chris Chocola, current president and chief executive officer, will serve as chairman of the board effective the same date, and Michael Fisch, current board chairman, will continue to serve on CTB's board of directors.

Mancinelli has served as executive vice president and chief operating officer of Gehl Company (NASDAQ: GEHL) since 1992. Under Mancinelli's leadership, Gehl moved from a 1992 loss of $17.9 million to a slight profit during his first year through the imposition of more rigorous manufacturing controls and various cost constraints. Since that time, Gehl Company has continued to grow and prosper reporting net income of $12.8 million in 1997 and $15.3 million in 1998.

Chocola said, "This appointment concludes a nationwide search to find the right person to help CTB fully capitalize on our many product and market opportunities. Vic meets all the criteria established by the board of directors at the beginning of the search. He brings significant general management experience, a strong background in serving domestic and international agricultural markets and an excellent record working through agricultural distributor networks. The entire CTB management team looks forward to his leadership as we continue growing our presence in our core markets, increasing market share through an integrated product package, completing further strategic acquisitions, and expanding internationally."

The Chocola family, descendants of CTB's founder, and affiliates of American Securities Capital Partners, L.P. purchased the Company in 1996. CTB became a public company in August, 1997. Affiliates of American Securities Capital Partners, L.P. currently own approximately 37% of CTB's primary equity. Fisch, the president of American Securities Capital Partners, L.P. commented, "The appointment of Vic Mancinelli as CEO and Chris Chocola as chairman of CTB's board completes a management structure that Chris and the board have worked to put in place for some time. I am personally excited by the complementary skills that Vic brings to the Company."

Mancinelli holds a B.A. in mathematics from the University of Cincinnati and an M.B.A. from Indiana University. Prior to joining Gehl, Mancinelli held various senior management positions in a number of multi-site global businesses including Cummins Engine Company, Inc., where he spent 15 years.

CTB International Corp., based in Milford, Indiana, is a leading manufacturer and marketer of automated feeding, watering, heating, and ventilation systems; automated controls; commercial egg laying and handling systems; and feed and grain storage bins as well as grain handling equipment. The company also markets breeder nesting systems. Founded in 1952, CTB serves the poultry, swine, egg production and grain industries. It operates from facilities in the United States, Europe and Latin America.