Petter M. Etholm has joined Thomas Equipment, Inc. (THME.PK) as
President and Chief Executive Officer and a member of the company's
Board of Directors.
Etholm said Thomas Equipment "will focus on building our
core businesses through internal growth, with product improvements
New York, NY (PRWEB) November 6, 2007 -- Thomas Equipment, Inc.
(THME.PK) announced today Petter M. Etholm has joined the company
as President and Chief Executive Officer and was appointed to the
Board of Directors. He succeeds Michael Luther, who will remain
with Thomas Equipment (www.thomasloaders.com) as Chairman of the
"We welcome Petter Etholm and look forward to benefiting
from his expertise leading companies in financial and operational
restructuring as he implements strategies to restore stability
and regain market share," said Luther.
Etholm said, "Thomas Equipment has great brand names and
a long history of providing top quality products and service to
customers. We plan to get back to basics and leverage our product
reputation to strengthen relationships and build new business alliances.
We will focus on building our core businesses through internal
growth, with product improvements and introductions."
Thomas Equipment (www.thomasloaders.com) is emerging from a period
of financial difficulty and embarked on a restructuring program
to regain its market position and financial strength. With manufacturing
plants in Canada and South Korea, Thomas Equipment is a global
manufacturer and marketer of industrial and construction equipment
through its Thomas Equipment 2004 subsidiary and of pneumatic and
hydraulic systems for the fluid industry through Pneutech Inc.,
and designs wireless devices for the telecommunications industry,
among its other businesses.
Previously, Etholm was a consultant to the Thomas Equipment 2004
subsidiary. Before that, he was President of Cardsmart Retail,
leading the turnaround of a small retail network into what Entrepreneur
Magazine called one of the 10 fastest growing franchise systems
in America. Previously, he was Executive Vice President of Nutri/System,
Inc., overseeing its restructuring after having been one of Nutri/System's
most successful franchisees.
A member of the World Presidents Organization, earlier in his
career, Etholm founded Norwegian Wood Inc., a flooring supplier
to the home building industry, and founded Elinex, LLC, a web-based
electricity contract trading company.
Multi-lingual, Etholm graduated from The Norwegian School of Economics
and Business Administration, with the title of Sivilokonom, and
received a Masters of Business Administration degree from Thunderbird,
the American Graduate School of International Management.
Born in Norway, he and his wife have three children and live in
Massachusetts. Active in civic and charitable activities, Etholm
is a former member of the Board of Directors of the Boston Learning
Center, a non-profit organization helping disadvantaged students,
and was active in the Rhode Island Support Our Troops Program,
among other activities.
About Thomas Equipment, Inc.
Thomas Equipment, Inc. provides a variety of branded and other
products to industrial markets through four subsidiaries: Thomas
Equipment 2004, Inc.; Thomas Equipment Asia Co. Ltd.; Thomas
Ventures, Inc., and Pneutech, Inc. The operating subsidiaries,
located in Canada, Europe, and Asia, manufacture and market industrial
and construction equipment, distribute pneumatic and hydraulic
systems and design wireless devices for the telecommunications
industry, among other activities. For more information, visit
the company's website at: www.thomasloaders.com.
New McCormick Compact Tractors for Farming, Horticulture and Smallholdings
New John Deere 6030 Series Tractors Broaden Customer Appeal
Fendt Tractor Runs on Rapeseed Oil