WM Argyle Fund Comments on New Director Appointment by Broadwind
March 27, 2023 at 04:28 pm EDT
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On March 27, 2023, WM Argyle Fund, LLC issued a statement in connection with Broadwind, Inc.'s 2023 annual meeting of stockholders. In the statement, WM Argyle Fund stated that it views this appointment - which increases the board to 7 members - as an attempt by the Company to blunt criticism of the Company, protect the current Board and block meaningful change. WM Argyle Fund also stated that this appointment marks the second time the Company has named a new director since WM Argyle Fund first contacted the Board in July 2022 to open a constructive dialogue about its governance and performance.
WM Argyle Fund stated that the Board's actions show it is not ready do what is required to position the Company for long-term success to benefit stockholders, who have endured years of underperformance by the Company.
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. 
