Goldsmith Departs Ivaco Amid Streamline Plan

Jason Sandefur

Ivaco Inc. CEO David Goldsmith has left the Montreal steelmaker less than 18 months after taking the helm\, American Metal Market reports.
The move reportedly was part of a management restructuring plan by parent company Heico to streamline operations by eliminating Goldsmith”s position.
Under the new management structure, executive vice presidents of each division have been promoted to the president and report directly to Galdino Claro, CEO of Heico”s metal processing group.
Goldsmith was promoted to CEO in May 2006 after working at the company for 31 years, most recently as senior vice president and general manager of Ivaco Rolling Mills and Sivaco Wire Group (see FIN 5/10/06). Goldsmith replaced 34-year Ivaco veteran Gordon Silverman, who retired at the end of 2006.
Heico purchased Ivaco and its subsidiaries for $284 million in bankruptcy proceedings in 2004. The deal included fastener operations Infasco, Infasco Nut, Ingersoll Fasteners, Galvano, Vermont Fasteners and IFC Inc.
Ivaco has three units: Ivaco Rolling Mills, L”Orignal, Ontario; Infasco, a Marieville, Quebec, producer of fasteners; and Sivaco Wire Group LP, which has facilities in Marieville and Ingersoll, Ontario.
Ivaco operations include Canada”s largest rod mill, with annual capacity of 900,000 tons of wire rod; fabricated steel products, capable of producing about 450,000 of wire products and processed rod per year; and fastener operations with an annual capacity of 175,000. �2007 FastenerNews.com