CapitalWorks Private Equity Firm Cleveland Ohio

Magna-Tech Adds New CFO

TerryTownsendeditedTerry Townsend has joined CapitalWorks’ portfolio company Magna-Tech Manufacturing as chief financial officer from his position as senior project finance manager with the Global Workplace Solutions division of Johnson Controls.

Mr. Townsend was with Johnson Controls for four years before coming to Magna-Tech. Prior to that, he served as a controller, corporate accounting director and senior financial analyst during nine years at diesel engine manufacturer Cummins, Inc. Early in his career, he worked for Caterpillar Financial, Duke Realty, Xerox Credit and Peat Marwick.

His skills include strategic planning, profit responsibility, negotiating, project management, policy and procedure development, expense control and GAAP compliance. He has used Six Sigma methodologies to improve inventory processes and reduce expenses, developed and implemented activity-based metrics and models that improved the timeliness and effectiveness of reports, yielded multimillion-dollar savings during tax audits and negotiated and developed joint venture structures.

He holds a Master of Business Administration from Indiana Wesleyan University and a Bachelor of Science in accounting from Butler University. He has also earned a Six Sigma Green Belt and Chairman’s Award and has been recognized for facilitating effective training sessions for personnel nationwide.

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