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Sparton avoids proxy contest with Lawndale
By Lisa Kerner
Charlotte, N.C., Sept. 18 - Sparton Corp. appointed two independent members to its board of directors under an agreement with Lawndale Capital Management.
Joseph J. Hartnett and James R. Swartwout were added in the class of directors that Sparton will nominate for re-election at the 2008 and 2009 annual shareholders meetings, respectively, according to a Sparton news release.
Sparton will hold its 2008 annual meeting on Nov. 12.
The new board members were selected from a list provided by Lawndale.
Sparton's board expanded the number of directors temporarily to 11 from nine and will reduce the size of the board to no more than 10 directors by the 2009 annual shareholders meeting, also as part of the agreement.
Lawndale agreed to vote for Sparton's recommended director slates at both the 2008 and 2009 annual meetings. The investor has the option to terminate the agreement 90 days before the 2009 annual meeting if certain conditions are not met, including if Sparton's stock is trading below $4 per share.
Hartnett is president and chief executive officer of Ingenient Technologies, Inc.
Swartwout, recently co-CEO and a director of Habasit Holding America, Inc., has been appointed to the board's executive committee.
In addition to Hartnett and Swartwout, Lawndale planned to nominate Jay B. Hunt, president of the Development Group, and Gerald T. LaFlamme, current president and CEO of JL Development Co., Inc., for election to Sparton's board.
Lawndale also asked Sparton to retain advisers to explore strategic alternatives, including the sale of the company, it was reported in August.
Sparton and its subsidiaries provide electronic manufacturing services for government and commercial customers. The company is based in Jackson, Mich.
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