MILWAUKEE - Brady Corporation (NYSE: BRC), a global manufacturer and marketer of identification and protection solutions, announced today that Christopher Hix has been appointed to its Board of Directors.
Hix brings a wealth of experience from a 39-year career in various global markets, particularly from his time as Chief Financial Officer at Enovis Corporation and its predecessor, Colfax (NYSE:ENOV) Corporation, where he oversaw a significant transformation of the company's industrial business portfolio.
With a background that includes roles in operating, financial, and strategic capacities, Hix is expected to contribute substantial expertise to Brady's Board. His tenure at Roper Industries (NASDAQ:ROP), which saw the company's transition from private to public ownership, and his role in business expansion at Robbins & Myers, are particularly noted for their alignment with Brady's strategic goals.
Hix's appointment is part of Brady's ongoing efforts to drive profitable growth and deliver shareholder value through innovation, technology investments, and strategic mergers and acquisitions. His history of leading high-technology global businesses through periods of growth and his M&A experience are seen as valuable assets to the company's future endeavors.
The company, founded in 1914 and headquartered in Milwaukee, Wisconsin, employs approximately 5,600 people worldwide and reported sales of around $1.33 billion for fiscal year 2023.
Brady's products, which range from high-performance labels and signs to safety devices and software, serve a diverse customer base across industries such as electronics, telecommunications, manufacturing, electrical, construction, and aerospace.
Brady's President and CEO, Russell R. Shaller, along with the Chair of Brady's Board of Directors, Bradley C. Richardson, have both expressed their pleasure in welcoming Hix to the board, highlighting his proven track record and the expectation that his insights will be invaluable to Brady's continued growth.
This announcement is based on a press release statement from Brady Corporation.
InvestingPro Insights
As Brady Corporation (NYSE: BRC) welcomes Christopher Hix to its Board of Directors, the company's financial health and market performance remain a keen interest to investors. Brady Corporation is currently in a strong cash position, with more cash than debt on its balance sheet, which is a reassuring sign of financial stability. This solid foundation is further supported by the company's impressive track record of raising its dividend for 28 consecutive years, signaling a consistent return to its shareholders and a commitment to maintaining its dividend payments.
InvestingPro Tips for Brady Corporation highlight the company's gross profit margins, which stand at a robust 51.1%, underscoring its efficiency in managing costs and maximizing profit from sales. Additionally, the company has been experiencing a significant return over the last week, with a 12.24% price total return, which could indicate investor confidence in the company's near-term prospects. For those looking for more in-depth analysis, InvestingPro offers additional tips for Brady Corporation at https://www.investing.com/pro/BRC, where users can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
InvestingPro Data metrics show a market capitalization of $3.23 billion USD and a P/E ratio of 17.21, which may suggest that the stock is trading at a reasonable valuation relative to its earnings. The company's revenue for the last twelve months as of Q3 2024 stands at $1.343 billion USD, with a growth of 2.6%, indicating steady progress in its financial performance. With its next earnings date on September 5, 2024, investors will be keen to see if the company can continue its positive trajectory.
Brady Corporation's strategic focus on innovation and growth, combined with its strong financial metrics and market performance, positions it well to leverage the experience that Christopher Hix brings to its Board of Directors.
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