The Urgent Need for Change and The Superior Path Forward
SYNALLOY IS AT AN IMPORTANT INFLECTION POINT
The Company's current Board and management team have underperformed across
every objective measure over the past decade
I
PRIVET
FUND
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The Problem
Track record of destroying value
Capital spending with no demonstrable
return in stockholder value
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▪ Operational mismanagement with
margins significantly below peers
Costs ballooning even after acquisitions
increase scale
▪ Ineffective Board oversight results in
wasteful spending, such as a stake in a
corporate jet
UPG
STRONGER TOGETHER
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Our Solution
We believe we have a path to stockholder
value creation
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01. 02. 03. 04. 05.
Executive Summary
Upgrade the Company's leadership by
installing proven operator Chris Hutter as
interim CEO
enhancements
Prioritize immediate strategic revenue
opportunities
Pursue operationally-focused gross profit
Instill culture of alignment and
accountability
Remove non-economic and wasteful SG&A
spending
We do not believe the current Board, which hired an unqualified CEO and does not
possess relevant skills, can turn around Synalloy and create value for stockholders
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