Solution-Oriented Alignment Accelerates Ability to Capitalize on New Market Opportunities and to Bring Innovative Solutions to a Growing Customer Base
The four operating segments are briefly described below:
Industrial Connectivity Solutions - High-performance industrial cable and connector products that transport mission-critical signals enabling reliable network communication and machine-to-machine connectivity for industrial automation, machine building and automotive production applications. Christoph Gusenleitner now leads this business segment. Gusenleitner was previously EVP, EMEA Operations and Global Connector Products.
Industrial IT Solutions - High-performance, reliable and secure hardware and software systems that address the mission-critical networking demands of the discrete and process automation industries worldwide. This segment is led by Dhrupad Trivedi. Previously, Trivedi served as vice president of Strategy & Corporate Development for Belden.
Enterprise Connectivity Solutions - Efficient network infrastructure systems that transport voice, video and high-speed data in enterprise IT applications for data centers, healthcare, finance, and education markets. Glenn Pennycook enters a new role as leader of Enterprise Connectivity Solutions. Pennycook was previously president of Enterprise Solutions at Belden.
Broadcast Solutions - Advanced hardware, software and connectivity systems for media companies to create, manage and deliver high-quality content around the world. This portfolio of businesses will continue to be managed by Strath Goodship, Dave Jackson, and Jimmy Rayford.
"This announcement marks another key milestone in the transformation of our business. We believe this action highlights our strategic focus on continuing to build leading global businesses with strong financial attributes. Through this, Belden can deliver even more value to our enterprise, industrial and broadcast customers around the world and quickly capitalize on new market opportunities," said John Stroup, president and CEO of Belden.
"These four new operating segments are directed by experienced Belden leaders that bring with them a wealth of knowledge of their markets, customers, and solutions. This team has served Belden in a variety of senior operating, strategy, and finance related roles and its members are considered by many as industry experts. While we're excited to begin this next phase of business at Belden, we also must recognize that transitions are often precursors for leadership change as well. Denis Suggs, EVP, Americas Operations & Global Cable Products has decided to pursue opportunities outside of Belden. Denis will continue at Belden through July to allow for an orderly transition. We thank Denis for his solid performance over the past six years, and appreciate the strong team he has assembled. We wish Denis the best in his future endeavors."
An educational Webcast is available on Belden's website at http://investor.belden.com. This recorded event, designed with the investor community in mind, provides insight on rationale and our new financial reporting segmentation. In addition, 2012 segment results under our new segment methodology are attached as an appendix and posted on Belden's Investor Relations website.
There is no impact to Belden consolidated financial results and no adjustment to previously provided financial guidance or strategic goals is intended or implied by this announcement.
Use of Non-GAAP Financial Information
Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. All GAAP to non-GAAP reconciliations accompany the financial information included in this release and have been published to the investor relations section of the Company's website at http://investor.belden.com.
Belden Inc., a global leader in high quality, end-to-end signal transmission solutions, delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovation solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com; follow us on Twitter @BeldenInc.
Belden Media Relations