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LMI Aerospace, Inc. Streamlines Operations; Names New President Of Valent Aerostructures And New CFO

Stocks in this article: LMIA

ST. LOUIS, Nov. 4, 2013 (GLOBE NEWSWIRE) -- LMI Aerospace, Inc. (Nasdaq:LMIA), a leading provider of design engineering services and supplier of structural assemblies, kits and components to the aerospace and defense markets, today announced key management changes as the company streamlines operations and further integrates Valent Aerostructures, LLC.

Lawrence E. (Ed) Dickinson, who has served as LMI's Chief Financial Officer since 1993, has been appointed President of Valent and will lead the Valent subsidiary, assuming control of the bulk of the company's machining business. Valent will remain headquartered in Kansas City, Missouri. Dickinson has served as Chief Financial Officer since joining LMI Aerospace in 1993. Prior to joining LMI, he was a financial analyst and Controller for LaBarge, Inc.

Cliff Stebe has been named the Chief Financial Officer of LMI filling the vacancy left by Mr. Dickinson. Stebe has served as LMI's Corporate Controller for three years after several years as a Senior Manager at PricewaterhouseCoopers, LLP. Both Dickinson and Stebe will report to Chief Executive Officer Ron Saks.

"Ed Dickinson has distinguished himself as a very capable Chief Financial Officer who has also spent considerable time honing his knowledge of aerospace operations and cost control," Saks said. "We have considered a senior operations role for Ed in the past, but his value in his prior position made this conversion difficult. The opportunity to oversee the Valent companies comes at a time when Ed is prepared for the challenge and has, in Cliff Stebe, an accomplished Corporate Controller also capable of assuming greater responsibilities. We are confident that both will be successful in their new roles."

Charlie Newell and Henry Newell, the co-Presidents of LMI's Aerostructures segment, and Bruce Breckenridge, Executive Vice President of Business Development for Valent, have resigned from the company. In order to effect a smooth transition, the three former executives will serve as consultants to LMI for the next six months.

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