Gloucester Engineering names new CEO

(Simi Valley, CA) to replace John Sharood. Prior to Turbonetics, which makes turbochargers, pressure control devices, and heat exchangers, Steele served as the CEO of several private equity-backed manufacturing and distribution companies, including Jakel Inc.; an engineering design and manufacturing firm of motors and blowers; and Eurodesign Cabinets Inc., a supplier of semi-custom cabinetry. Steele also previously served as VP and general manager for Kennametal Inc. 

Steele earned an engineering degree from the University of Pittsburgh and holds an MS/MBA from Carnegie Mellon University. A Gloucester Engineering spokesperson told PlasticsToday that the company found Steele through the executive headhunting firm, Heidrick & Struggles. Steele starts in his new role immediately.

On Jan. 24, Gloucester Engineering announced the addition of 25 new employees at its corporate headquarters in Gloucester, MA, including 20 technicians, with several of the hires being returning former employees who had been let go during the company's financial difficulties.

Gloucester Engineering, which broke free from the German conglomerate SMS in a 2007 in a private equity-backed management buyout, is currently owned by Blue Wolf Capital. In May 2010, Blue Wolf provided working capital to Gloucester, with Gloucester Engineering filing a Blue Wolf financed bankruptcy reorganization on Sept. 29, 2010. On Jan. 5, Blue Wolf became the majority owner of Gloucester Engineering Co. when the extrusion equipment supplier emerged from bankruptcy. Sharood and Dick Murphy, along with a group of senior managers spearheaded the initial buyout from SMS.