Lenexa, KS (February 2, 2011) - The Board of Directors of CST Industries, Inc. is pleased to announce that Declan McLaughlin has been named President and CEO of CST industries, Inc. Declan joined CST in late 2009 as President of Columbian TecTank. He recently was named to lead the combination of Columbian TecTank and another CST portfolio company Engineered Storage Products into the new company CST Storage, the global leader in complete storage solutions. Prior to joining CST, he served as Vice President and General Manager for SPX Corporation’s Global Package Products, where he focused on building business, increasing profitability and opening new international markets. “I am excited with getting the opportunity to lead this dynamic organization. We have a unique portfolio of products that positions us for growth throughout North America and the rest of the world. Having already been a part of the CST Team, I will have the opportunity to hit the ground running. I look forward to working with everyone to make our company a great success.” Declan is succeeding Brian Bauerbach who will be leaving the company to become CEO of a separate venture.
“Declan is an ideal choice to assume this important role. He has a great understanding of our business and the markets we serve. Additionally, his career experience, both domestically and internationally, will be extremely beneficial as he leads the future growth of our company,” commented Dave Abbott, Chairman of the Board of Directors of CST Industries, who will work closely with the CST management team during the transition.
CST Industries, Inc., (www.cstindustries.com), a portfolio company of Sterling Group L.P., is the global leader in the manufacture and erection of factory coated metal storage tanks, aluminum domes and specialty covers. CST’s existing company portfolio consists of CST Storage (Formerly Columbian TecTank & Engineered Storage Products), TemcorConservatek, Weaver Reclaimer Systems and Vulcan Tanks. Manufacturing facilities and technical design centers are located in Parsons, Kansas; Winchester, Tennessee; DeKalb, Illinois; Conroe, Texas; Gardena, California; Rincon, Georgia and the United Kingdom. Regional sales offices are located throughout North America and in Mexico, Argentina, United Kingdom, India, Singapore, Vietnam and Dubai. Currently more than 275,000 CST tanks and covers have been installed in 125 countries throughout the world.
About The Sterling Group, L.P.: Founded in 1982, The Sterling Group (www.sterling-group.com) is a private equity investment firm that targets controlling interests in basic manufacturing, industrial services and distribution companies. Typical enterprise values of these companies range from $100 to $500 million. Sterling has sponsored the buyout of over 30 portfolio companies and numerous add-on acquisitions for a total transaction value of approximately $8 billion. Currently, Sterling has $600 million of committed capital under management.