Corporate | 29 August 2008 08:33
STEICO Aktiengesellschaft / Restructure of Company/Change of Personnel
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End-to-end restructuring program to improve profitability started
- Managing Board of Polish subsidiary restaffed
- Mr. Steffen Zimny appointed as new CEO for the Polish STEICO S.A.
Feldkirchen (Munich), August 29, 2008 – STEICO AG (ISIN: DE000A0LR936) has
resolved an end-to-end restructuring program to combat the increasing
impact the financial crisis is having on the real economy. The focus is on
improving profitability at the Polish facilities. In addition to
far-reaching cost cuts, production efficiency in particular is to be
improved. In this connection, the Polish subsidiary STEICO S.A's Managing
Board has been restaffed. In agreement with the Supervisory Board of STEICO
S.A., the CEO Mr. Tomasz Lucjan and the CFO Mrs. Ewa Godowa resigned from
their positions with effect from August 25, 2008.
Steffen Zimny has been appointed as the new CEO with effect from August 26,
2008. Mr. Zimny previously held a similar position with a competitor and
has extensive experience in this industry. STEICO S.A's Managing Board has
also been downsized as part of the ongoing restructuring program, and the
position of CFO will not be re-filled. In future, these tasks will be
performed in close agreement with headquarters in Feldkirchen.
The changes to STEICO S.A's Managing Board have allowed the STEICIO Group
to create the foundations for the successful restructuring of the Polish
production facilities, which will contribute, in particular, to improving
the entire group's operating results. The activities are expected to have a
positive impact from the first half of 2009.
Company profile:
The STEICO Group develops, produces and sells ecological construction
products made of renewable materials. STEICO leads the European market for
wood-fiber insulation materials with a market share of more than 40%.
STEICO is positioned as a system provider for ecological wood construction.
The company's product range includes wood-fiber insulation materials,
hemp-based products and I-joists as construction elements. The production
of natural fiber boards (NFB) rounds off the company's vertical integration
and extensive product range – which are unique in the industry. The
Munich-based company's products are successfully used in home building for
floors, walls, ceilings and roofs.
STEICO's products enable the construction of future-proof, healthy
buildings which offer a particularly high quality of living. STEICO's
products offer reliable protection from cold, heat and noise and also
improve the climate within the house. The products' ecological and
functional quality is guaranteed by the independent natureplus®
certification. In addition, STEICO's wood-fiber insulation materials have
been honored with the FSC® certificate (Forest Stewardship Council) for
exemplary environmental protection.
The STEICO Group has competitive advantages such as production and sales
expertise, three large, fully integrated production facilities close to key
markets, international sales and a well-established brand.
The business model offers major opportunities. This is due to factors
including the potential that STEICO's products offer to save energy and to
improve the quality of living. The strong growth in environmental and
health consciousness as well as state subsidization programs for
environmentally friendly construction are regarded as being long-term
drivers for the market for ecological construction products. The STEICO
Group supplies around 400 customers throughout Europe via the wood and
construction materials trade, wood construction, construction materials
retailers, the prefab home and laminated flooring industries, DIY stores
and logistics partners for international DIY stores.
Its strategic planning focuses on developing new products, growing market
shares and increasing internationalization. The funds from the IPO in June
2007 have enabled the company to further bolster the Group's solid
foundations and also to secure its long-term growth.
Contact:
Andreas Schulze
STEICO Aktiengesellschaft
Hans-Riedl-Strasse 21
85622 Feldkirchen
Fon: +49-(0)89-99 15 51-48
Fax: +49-(0)89-99 15 51-97
E-Mail: schulze@steico.com
www.steico.com
29.08.2008 Financial News transmitted by DGAP
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Language: English
Issuer: STEICO Aktiengesellschaft
Hans-Riedl-Str. 21
85622 Feldkirchen
Deutschland
Phone: +49 - (0)89 - 99 15 51 - 0
Fax: +49 - (0)89 - 99 15 51 - 99
E-mail: info@steico.com
Internet: http://www.steico.com
ISIN: DE000A0LR936
WKN: A0LR93
Listed: Freiverkehr in Berlin, Düsseldorf, München; Entry Standard in
Frankfurt
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