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|ZYGO ANNOUNCES MAJOR MANAGEMENT REALIGNMENT|
MIDDLEFIELD, CONNECTICUT (June 23, 1998)......Zygo Corporation (NASDAQ:ZIGO) announced today a comprehensive management realignment aimed at providing focused leadership in every functional area of its business. Gary K. Willis, president and CEO, announced the organization changes and stated, "ZYGO's performance has been exceptional for the past several years as we have grown from $20 million in annual revenues and one facility to over $100 million and six facilities. We have enjoyed the recognition of the financial press and investment community these last few years by outperforming our peers and comparable companies in an expanding market environment. The condition of the markets we serve is much different today and we must continue to outperform our peer group in this more challenging environment."
Mr. Willis added, "To meet these challenges we must aggressively differentiate ourselves through product innovations, understanding customer requirements, commercializing product solutions in rapid fashion, promoting and selling these solutions in varied markets, producing products of the highest quality and reliability to market demanded lead times, and developing and implementing effective internal and external business strategies. Organizational changes to provide the most effective management focus on these actions are necessary, and to that end, we are making significant changes"
These changes, effective immediately, include:
Zygo Corporation designs, develops, manufactures, and markets high performance measurement and yield improvement instruments, systems, and accessories used in high technology industries. The Company is headquartered in Middlefield, Connecticut, and also has operations in Asslar, Germany; Longmont, Colorado; and in Newbury Park, Sunnyvale, and Simi Valley, California.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgment on certain issues. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors which could cause actual results to differ materially are described in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.