Young, who will also retire from York's board of directors, headed the company for four years and delivered debt and working capital reductions of about $400 million.

“He has maintained a consistent goal of improving the company's cost structure and has been diligent in driving changes that are necessary for long-term profitable growth,” said Gerald McDonough, chairman, in a statement.

In other news, York reported results for its third quarter, which ended Sept. 30, of a net loss of $5.4 million, or $0.13 per share, and $1 million in sales.

The company accounted for its loss in several areas. Restructuring and other charges related to initiatives to streamline the company's operations cost $17.6 million. A non-cash curtailment loss, which represents an acceleration of pension expense related to York's change to a new contribution pension plan, cost $12.4 million, and a change in accounting principle cost $15.4 million.

Nine-month year-to-year comparisons show net sales at $2.9 million, up from $2.8 million, and net income earnings at $0 per share, up from a loss of $3.01 per share in 2002.

Third quarter sales improved 6.6% from the prior year, driven by the favorable impact of the strengthening Euro, increased sales in Asia and growth in the global service business, the company said in a statement.