The CEO, President and Chairman of metal components supplier Mayville Engineering Company Inc. (NYSE: MEC), Robert D. Kamphuis, will retire on September 30. Kamphuis joined the company in 2005 as President and CEO and was appointed Chairman in 2007.
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Tim Christen, a member of Mayville Engineering’s Board, said, “Robert has had a tremendous influence on the company’s success, helping drive significant growth as well as completing its transition to a publicly-traded company in 2019.”
Kamphuis said, “Having navigated the pandemic-related challenges over the past two years, today MEC is in a strong financial position with a positive outlook and numerous opportunities to grow.”
About Mayville Engineering
Based out of Wisconsin, Mayville Engineering is a value-added manufacturing company that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components.
Its products are used by companies in heavy- and medium-duty commercial vehicles, construction & access equipment, power sports, agriculture, military, and other end markets. The company also offers finishing services like shot blasting, e-coating, powder coating, wet spray and military-grade chemical agent resistant coating (CARC) painting.
MEC has 20 facilities spread across seven U.S. states.
The company made the announcement after the market closed on Thursday. Its shares lost 5.2% during day trade and closed at $5.16.
Price Target
Overall, the stock has a Hold consensus rating based on a single Hold. MEC’s average price target of $13 implies 38.7% upside potential. Shares have lost 49% over the past six months.
Investors’ Opinion
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on MEC, as 21.2% of investors on TipRanks increased their exposure to the stock over the past 30 days.
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