Thomas Equipment last week named Petter Etholm president and CEO, succeeding Michael Lufher, who will remain as chairman of the board.
“We look forward to benefiting from [Etholm’s] expertise leading companies in financial and operational restructuring as he implements strategies to restore stability and regain market share,” said Lufher.
“We plan to get back to basics and leverage our product reputation to strengthen relationships and build new business alliances,” said Etholm. “We will focus on building our core businesses through internal growth, with product improvements and introductions.”
Thomas Equipment is emerging from a period of financial difficulty and has embarked on a restructuring program to regain its market position and financial strength. With manufacturing plants in Canada and South Korea, Thomas is a global manufacturer and marketer of industrial and construction equipment, pneumatic and hydraulic systems and wireless devices.
Etholm previously was a consultant to Thomas, and founded Norwegian Wood Inc., a flooring supplier to the home building industry.