William G. Pryor, president of Van Dorn Demag Corp. for the past decade, said he plans to retire by the end of the summer.
Pryor, who turns 63 in April, will remain as president and chief executive officer and continue to serve on the executive board of Van Dorn's parent company, Mannesmann Plastics Machinery, during the search for a new president. The company announced the news about Pryor on March 22. The search will begin immediately.
After retirement, Pryor will remain on the board of the Strongsville, Ohio-based maker of injection molding machines.
``Deciding when to retire is always a difficult decision,'' Pryor said in a news release. ``Though I've been considering it for some time, with our industry in a recession, it was important that Van Dorn Demag have continuity in the president's position. It now appears that we have weathered the worst of the recession, and the market for injection molding machines will begin to see some favorable trends within the next few months.''
Pryor's career at Van Dorn Co. began in 1989, back when the injection press side of the business was called Van Dorn Plastic Machinery Co. He joined as executive vice president of operations, responsible for the company's Davies Can Division and the Plastics Machinery Division, and a member of the board. He became president and CEO in 1991.
The year 1992 was a tumultuous one for Van Dorn, as Crown Cork & Seal Co. Inc. waged a hostile takeover attempt for the then-publicly held company. After a long battle that included a campaign by dissident shareholders, German industrial giant Mannesmann AG finally emerged as the owner of Van Dorn Plastic Machinery. Pryor remained as president of the renamed Van Dorn Demag Corp.
Pryor has focused on expanding the machinery maker by implementing new technology, modern manufacturing methods and quality systems. Pryor said the company's all-electric injection press, the IntElect, and other new products, will position it to take advantage of an improving market.
Before he joined Van Dorn, Pryor spent 22 years with Omark Industries, a maker of timber harvesting products, consumer and automotive products and construction tools. He held various financial, planning and management posts, and served as president and CEO for three years before moving to Van Dorn.