Cymat appoints new president and COO
First quarter revenues improve on new military contracts.
Cymat Technologies announced the appointment of David Fowler as its new President and COO, replacing present president Tim Hardman. In his previous position as Group Vice President of Woodbridge Foam Corporation – a privately-held, multi-national auto parts company – Fowler was part of the company’s executive committee, directly responsible for the company’s largest division. Prior to this position, Fowler has a mechanical engineering degree from Waterloo and holds an MBA from Rotman.
Cymat has worldwide rights for producing stabilized aluminum foam, an ultra-light metallic foam manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles. In its first quarter of 2010, the company reported revenue of approximately $0.4 million compared with revenue of approximately $0.1 million for the same period in the prior fiscal year. However, the company posted a net loss for the quarter of $1.4 million compared to $1.5 million for the same period in the prior year.