Broadwind Confirms Receipt of WM Argyle Fund’s Notice of Intent to Nominate Directors at the 2023 Annual Meeting
January 19, 2023 at 07:00 am EST
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On January 19, 2023, Broadwind, Inc announced that it confirmed the receipt of notice from WM Argyle Fund LLC, of its purported intent to nominate 6 individuals for election to the Company's Board of Directors at the Company's 2023 annual meeting of stockholders. The Company stated that it has engaged with the Fund, as it would with any stockholder, and is disappointed that the Fund has chosen to initiate a costly and disruptive proxy contest, particularly given the Company's recent track record of value creation. The Company believes that the Fund's attempt to take over the Company's full Board represents a disguised attempt to seize control of the Company without paying a premium.
The Company stated that however, it remains committed to maintaining an open dialogue while continuing to represent the best interests of all stockholders.
Broadwind Inc. is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. The Company operates through three segments: Heavy Fabrications, Gearing, and Industrial Solutions. The Heavy Fabrications segment provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Gearing segment provides gearing and gearboxes to a set of customers in diverse markets, including onshore and offshore oil and gas, fracking and drilling, surface and underground mining, wind energy, steel, material handling, infrastructure, marine and other industrial markets. It also provides gearbox repair services. Industrial Solutions provides supply chain solutions, light fabrication, inventory management, kitting, and assembly services, primarily serving the combined cycle natural gas turbine market. It also provides packaging solutions and fabricates panels and sub-assemblies.
BROADWIND, INC. 
