National Presto Industries, Inc. mourns death of Melvin S. Cohen

Company officials and the business community have mourned the death of National Presto Industries, Inc. Director and former CEO and Chairman of the Board, Melvin S. Cohen, 90.
Maryjo Cohen, current Chairwoman, CEO and daughter of Mr. Cohen says, “Mel Cohen had been a board member for 57 years and an outstanding leader. He led the Company through times of peace and war, takeover attempts and other predicaments that threatened the company’s existence. The $384 million of dividends paid during the years of his tenure can be attributed to his leadership, as can the sound fiscal condition of the company.”

National Presto has been so successful that, between product launches that included the PrestoBurger, FryDaddy, PopCornNow, PowerPop microwave multi-popper and Pizzazz pizza oven, it accumulated so much cash that it had at least 70% of its assets in securities. The SEC tried, unsuccessfully, to force the company to register as a mutual fund. In 1988, the company introduced the SaladShooter electric slicer/shredder.
The company announced that Randy F. Lieble has been appointed to fill the unexpired term of Mr. Cohen’s seat. Lieble is the company’s vice president, CFO and treasurer and has been with National Presto for more than 30 years.

National Presto Industries, Inc. operates in three business segments. The housewares/small appliance segment, designs and sells small household appliances and pressure cookers under the PRESTO brand name, and is recognized as an innovator of new products. The defense segment manufactures medium caliber training and tactical ammunition, energetic ordnance items, fuses, and cartridge cases. The absorbent products segment is primarily engaged in the manufacture of private label adult incontinence products and baby diapers.

The company was founded in 1905 in Eau Claire. It manufactured industrial-size pressure canners. In 1949 National Presto introduced its first electric appliance, the Presto vapor steam iron – the first steam iron to use ordinary tap water instead of costly distilled water. In 1953, the company changed its name to “National Presto Industries, Inc.”

Last year, National Presto was the top stock performer among publicly traded Wisconsin companies, according to calculations by Bloomberg News. It was one of only seven Wisconsin-based public companies not to lose money on a $1,000 investment for the year. For the first nine months of 2008, National Presto’s profits were up about 26% to more than $26 million from the same period in 2007.

MOVERS

>> The University of Wisconsin System Board of Regents appointed Dean Van Galen the chancellor of UW-River Falls, with an annual salary of $200,000. Van Galen, a Wisconsin native, will be the 18th chancellor of UW-River Falls. He is currently the vice president of advancement at the University of West Florida.

>> WoodTrust Bank has appointed Chad Kane as its new president and COO in conjunction with the Jan. 1 merger with WoodTrust Asset Management. Former Bank President Steven Bell will continue to serve as board chairman and CEO.

BUSINESS BRIEFS

PRESCOTT: Gov. Jim Doyle awarded a Transportation Economic Assistance grant for $107,500 to the City of Prescott, to pay 50% for a new 950-foot long street, Kasson Drive. The project has a total cost of $215,000 and the City of Prescott is contributing $107,500. SOS Machine Prescott, Inc.’s project directly and indirectly creates and retains 50 jobs, including at least 31 at SOS Machine – resulting in nearly $1.9 million in annual wages retained. SOS is investing $1.1 million in an 18,000-sq.-ft. plant expansion.

TOMAH: Liberty Village Assisted Living of Tomah has broken ground on a 52-unit assisted living facility here. Sun Prairie-based Apex Management is the management company for Liberty Village of Tomah. Working with the Wisconsin Department of Veterans Affairs, the Wisconsin State Legislature and Veterans organizations (American Legion and the Veterans of Foreign Wars), Liberty Village, LLC identified the need for the facility’s close proximity to the Tomah Veterans Affairs Hospital.