ORANGE, Conn.--(BUSINESS WIRE)--Oct. 17, 2003--Hubbell Incorporated (NYSE: HUBA, HUBB) today announced that it has begun implementation of a comprehensive business systems initiative. The initiative will provide several advantages in support of Hubbell's future growth:
-- Standardization of business processes with 'real-time' analysis of key business drivers and operational performance. -- Rapid integration of new businesses either through acquisition or internal development. -- Increased flexibility for business planning and rapid response to more dynamic markets. -- Greater support of Hubbell's cost reduction and process improvement initiatives in capturing synergies throughout the Company.
The first two phases of the multiyear project -- information technology infrastructure assessment and selection of the software package partner -- have already been completed. SAP software has been chosen to replace the multiple software packages used across Hubbell's businesses. A series of implementations will be the third and final phase. Conversions to the new enterprise-wide software are scheduled in sequence over the next 30 months to ensure a smooth transition. Completion of the last implementation is expected in 2006.
Key to the initiative's progress is a dedicated internal team drawn from every discipline - information technology, human resources, manufacturing, sales, engineering, and finance -- assisted by outside consultants.
"With this important strategic initiative our information technology will be truly world class," said Timothy H. Powers, Hubbell's President and Chief Executive Officer, "this step-change improvement will allow the Company to become leaner with better information in our competitive industry and more responsive to our customers. We have experienced and dedicated people leading this important implementation."
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "plan", "could", expect", "expected", "estimates", "should", "likely", "goal", "probably", and others. Such forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include: achieving sales levels to fulfill revenue expectations; unexpected costs or charges, certain of which may be outside the control of the Company; general economic and business conditions; and competition.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, residential, utility, and telecommunications markets. With 2002 revenues of $1.6 billion, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Italy, Switzerland, and the United Kingdom, participates in a joint venture in Taiwan, and maintains sales offices in Singapore, Hong Kong, South Korea, People's Republic of China, and the Middle East. The corporate headquarters is located in Orange, CT.
CONTACT: Hubbell Incorporated, Orange Thomas R. Conlin, 203-799-4100 SOURCE: Hubbell Incorporated