Boston, MA 07/04/2014 (wallstreetpr) – Everyware Global Inc (NASDAQ:EVRY) recently confirmed Sam Solomon as its permanent CEO, having assumed the position on an interim capacity in February this year.
The Chairman of the Board of Directors, Daniel Collin, observed that Solomon is the right leader for the company. He also cited the ability of the new leader to revitalize performance in the company amid competition and high operating costs.
Living with expectations
In the latest development, CEO Solomon just confirmed that he is the right person for the job.
The company has announced a deal with workers at its plant in Lancaster whereby a revised labor agreement was accepted and now awaits approval of the board and review by the United Steelworkers Union.
The revised labor agreement will help the company to reduce its operating costs at the Lancaster plant. The company will also increase its investment at the plant following the agreement.
The latest development marks a milestone for Everyware Global Inc (NASDAQ:EVRY) as the company seeks to lower its cost burden to improve the bottom line.
The company tried a similar labor agreement at its Pennsylvania facility but failed. However, the development at the Lancaster facility might start a trend in which the company enters favorable terms with hourly workers to reduce its operating costs burden.
Everyware Global Inc (NASDAQ:EVRY) could invest as much as $20 million in Lancaster following the labor agreement. It has entered into a financing agreement with Monomoy Capital Partners for the said investment. However, the deal is not guaranteed.
Right man at the right time?
It appears that in Sam Solomon, Everyware Global Inc (NASDAQ:EVRY) has the right leader at the right time. The company needs a leader who can come up with innovative ways to increase sales while keeping costs low so as to bolster the bottom line. Solomon has already demonstrated the ability to achieve both towards long-term value creation for the investors.
