ARC Group Worldwide announced the appointment of Mr. R. Brian Knaley as the company's new Chief Financial Officer. Mr. Knaley will replace current Chief Financial Officer, Mr. Kelley, who will remain with the company as Interim Chief Executive Officer.
ARC Group Worldwide announced the completion of the sale of General Flange & Forge, a non-core subsidiary of ARC for $3M, to GFFC Holdings. GFFC is owned in part by Quadrant Management , which is an affiliate of the company. The sale of GF&F is therefore a related party transaction.
ARC Group Worldwide announced the appointment of Drew Kelley as Interim CEO and Board Member, replacing Jason Young, who is leaving his position with the Company and ARC's Board to pursue other interests. Kelley has served as the Company's CFO since October 2013, and prior to joining the Company, was an accomplished investment banker and equity research analyst. The appointment will be effective July 1.
ARC Group and EOS, provider of industrial 3D printing solutions, announced an expanded partnership, through the acquisition of four additional EOS M 280 metal 3D printers. The four new EOS M 280s add to ARC's existing seven EOS M 280s and one EOS M 400, in addition to its three other industrial metal 3D printers. ARC's expanded capacity supports the rollout of a full-production program that has been in development for the last year. Volume on this new program is expected to ramp-up during the summer.