REG - Somero Enterprises - Appointment of New CEO

Somero EnterprisesAnnouncement

27/03/2025 07:15

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RNS Number : 3909C  Somero Enterprises Inc.  27 March 2025

27 March 2025

Somero Enterprises, Inc.

("Somero" or "the Company")

 

Appointment of New CEO

 

Somero® is pleased to announce that, following an extensive selection
process, Tim Averkamp has been appointed to the Board as Chief Executive
Officer effective 1 April 2025.

 

Mr. Averkamp brings 30 years of international experience in industrial
manufacturing, construction machinery, and equipment innovation. Most
recently, he was Chief Operating Officer at Stoughton Trailers, LLC, one of
the largest trailer manufacturers in North America, where he was responsible
for leading and driving strategy for the Transport Solutions Business (Dry Van
Trailers and Intermodal Chassis).

 

Prior to this, Mr. Averkamp served for four years as Group President at Astec
Industries, Inc. (NASDAQ: ASTE), a global manufacturer of specialized
infrastructure equipment. He led both the Construction Machinery Solutions and
the Materials Solutions Groups which encompassed road building and paving,
forestry and recycling, and aggregate processing equipment produced and sold
globally. His team executed key strategies focused on operational and
commercial excellence, new product development, geographic expansion and
employee development, with a keen focus on serving the needs of the customer
and positioning the company for long-term growth.

 

This followed 22 years with Deere & Company (NYSE:DE) with various
leadership positions primarily within the Construction and Forestry Equipment
Division. His roles included President of the Transaxle Manufacturing of
America, a Joint Venture business between Deere and Yanmar/Kanzaki, Director
of Business Partner Integration over Deere's JV businesses with Hitachi
Construction Equipment Company and Bell Equipment, Engineering Manager,
Product Marketing Manager, and other technical and commercial positions.

 

Mr. Averkamp has a Bachelor of Science in Mechanical Engineering from the
University of Wisconsin-Platteville and a Master of Business Administration
from the University of Dubuque, Iowa.

 

Larry Horsch, Chairman of Somero, commented:

"Tim brings a wealth of relevant construction machinery and public markets
experience. He has an exceptional track record of driving growth, commercial
and operational excellence, and innovation, and his leadership qualities make
him the ideal candidate to lead the Company through its next phase of growth.
On behalf of the Board and the wider organization, I am pleased to welcome him
to Somero."

 

Tim Averkamp, incoming CEO of Somero, commented:

"Somero's reputation as a leader in its field is well-established, and its
long-term international growth potential is clear. I am delighted to be
joining at such an important time in the Company's journey and look forward to
working closely with the team and our customers, capitalizing on the
opportunities ahead and further strengthening Somero's market position."

 

For further information, please contact:

 Somero Enterprises, Inc.                                         www.somero.com (http://www.somero.com/)
 Jack Cooney, CEO                                                 +1 239 210 6500
 Enzo LiCausi, CFO
 Howard Hohmann, EVP Sales

 Cavendish Capital Markets Ltd (NOMAD and Broker)                 +44 (0)20 7220 0500
 Matt Goode/Seamus Fricker/Trisyia Jamaludin (Corporate Finance)
 Tim Redfern/Harriet Ward (ECM)

 Alma (Financial Communications Advisor)                          somero@almastrategic.com (mailto:somero@almastrategic.com)
 David Ison                                                       +44 (0)20 3405 0205
 Rebecca Sanders-Hewett
 Will Merison

 

 

The following information regarding the appointment of Timothy ("Tim")
Averkamp, aged 53, is disclosed under Rule 17 and Schedule 2(g) of the AIM
Rules for Companies:

 

 Full name:                                                              Timothy Aloysius Averkamp
 Age:                                                                    53
 Shares held in the Company:                                             None
 Current directorships and/or partnerships:                              None
 Former directorships and/or partnerships (within the last five years):  Astec Industries, Inc.

                                                                         Astec Mobile Screens, Inc.
                                                                         Breaker Technology Ltd
                                                                         Breaker Technology, Inc.
                                                                         Carlson Paving Products, Inc.
                                                                         Gefco, Inc.
                                                                         Johnson Crushers International, Inc.
                                                                         Kolberg-Pioneer, Inc.
                                                                         Mill Row Limited
                                                                         Power Flame Incorporated
                                                                         Peterson Pacific Corp.
                                                                         Rexcon, Inc.
                                                                         Roadtec, Inc.
                                                                         Telestack Limited
                                                                         Telsmith, Inc.

 

There are no further disclosures to be made under Rule 17 and Schedule 2(g) of
the AIM Rules for Companies.

 

Notes to Editors

 

Somero Enterprises provides industry-leading concrete-levelling equipment,
training, education and support to customers in over 90 countries. The
Company's cutting-edge technology allows its customers to install high-quality
horizontal concrete floors faster, flatter and with fewer people.
Somero(®) equipment that incorporates laser-technology and wide-placement
methods is used to place and screed the concrete slab in all building types
and has been specified for use in a wide range of commercial construction
projects for numerous global blue-chip companies.

 

Somero pioneered the Laser Screed® market in 1986 and has maintained its
market-leading position by continuing to focus on bringing new products to
market and developing patent-protected proprietary designs. In addition to its
products, Somero offers customers unparalleled global service, technical
support, training and education, reflecting the Company's emphasis on helping
its customers achieve their business and profitability goals, a key
differentiator to its peers.

 

For more information, visit www.somero.com (http://www.somero.com/)

 

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