MG - MISTRAS Provides Update on Products & Systems' Segment and Project Phoenix; Appoints Gennaro (Jerry) D'Alterio as Executive Vice President and Chief Commercial Officer | Benzinga
Transformation of Products & Systems' Segment to Refocus on Core Acoustic Emission (AE) Technology
Implementation of First Project Phoenix Initiative of the Products and Systems' Segment Expected to Increase Adjusted EBITDA by Approximately $4.0 Million in Fiscal 2024
Appointment of Gennaro "Jerry" D'Alterio as Executive Vice President and Chief Commercial Officer to accelerate development of new revenue growth strategies
PRINCETON JUNCTION, N.J., Oct. 02, 2023 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (MG: NYSE), a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, today announced the implementation of the first Project Phoenix initiative - a reorganization of the Company's Products & Systems segment that is expected to increase Adjusted EBITDA by $4.0 Million in Fiscal 2024. In addition, the Company announced the hiring of Gennaro (Jerry) D'Alterio and his appointment as Executive Vice President and Chief Commercial Officer responsible for accelerating the development and adoption of new revenue growth strategies. The implementation of these initiatives is a significant step signaling MISTRAS Group's commitment to delivering increased value to its customers and shareholders. There are a number of additional, similarly impactful initiatives expected to be rolled out in the near future under Project Phoenix. The Company expects to be able to report on the implementation of additional initiatives on its third quarter 2023 conference call.
These initiatives are part of the Company's overall, proactive strategy to accelerate the transition into faster growing markets while stabilizing and improving the performance of its traditional energy-related market operations.
The transformation of the Products & Systems Segment leverages its historical strength in acoustic emission (AE) technology. This strategic refocus is designed to reinvigorate innovation and reassert the Company's global industry leadership in AE. This transformation is an integral part of the Company's ongoing Project Phoenix initiative, a comprehensive plan to accelerate profitable growth and EBITDA by specifically identifying meaningful margin improvement opportunities and steps to achieve sustained cost savings. The refocused effort will continue to provide avenues for employees to make innovative contributions, furthering the technological legacy established by the Company's founder and Executive Chairman, Dr. Sotirios J. Vahaviolos. Leveraging a team of top-tier AE experts, this strategic pivot will enable the Products and Systems' Segment to continue the creative energy that has driven some of MISTRAS Group's most groundbreaking AE applications. This renewed focus will also position the Company to discover new commercially-viable markets while continuing to provide existing customers with premium AE solutions. "MISTRAS Group became an industry leader due to our pioneering spirit and engineering ingenuity," said Dr. Sotirios J. Vahaviolos, Founder and Executive Chairman. "I am confident that the Products & Systems Segment's re-focusing on our core AE business will ignite the innovation and profitability we know we can achieve."
Project Phoenix is specifically focused on a goal of creating sustainable, profitable growth via a fundamental, commercial transformation. As such, all business development, sales activities, and strategic marketing will be centralized under the direction of this newly-established position, Chief Commercial Officer. Gennaro (Jerry) D'Alterio, an accomplished executive with an ...