Corporate | 24 April 2008 09:29
Muehlhan AG / Change of Personnel/Strategic Company Decision
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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The issuer / publisher is solely responsible for the content of this announcement.
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Ad hoc / Press Release:
Muehlhan steps up its operations in the Middle East
• COO Bernd Janssen assumes on-site responsibility for expansion in Dubai
Hamburg, April 23, 2008. Continuing its strategy of expanding business
internationally, the Muehlhan Group steps up its operations in the Middle
East and in South East Asia. Therefore, on April 22, Muehlhan AG's
Supervisory Board, acting in concert with the Board of Directors, decided
that Bernd Janssen – the former CFO and current COO of the Muehlhan Group –
will assume responsibility for the new Muehlhan operations from May of this
year, as CEO Middle East / Southeast Asia. With his close ties to Hamburg
and more than 10 years' experience with Muehlhan, Bernd Janssen will
effectively promote the Group's future development in this region.
Muehlhan has already successfully completed its initial steps towards
entering this region by setting up a subsidiary in Qatar and by acquiring
Procon in Dubai.
These steps are quite significant for Muehlhan, since the important
decision-makers in the oil and gas business are located in the Middle East.
The maritime business, in particular, is very closely connected to
Singapore and Southeast Asia and the manpower and management staff are
largely from India.
CEO Dr. Andreas C. Krueger: 'As a company, we at Muehlhan have to go where
the business is, where there is a demand for our service. For us, the
growth markets will be those regions where oil and gas are produced. The
maritime and offshore objects to be coated will not come to us; we have to
go to the areas where they are located. And this only occasionally happens
to be in Hamburg. The international shipping companies, in particular, are
increasingly outsourcing their repair business to the Middle East and Asia.
Consequently, we will have an even stronger presence there in the future.'
Bernd Janssen's relocation means that Muehlhan's Board of Directors in
Hamburg will be reduced to Dr. Andreas C. Krueger, as Chairman of the
Board, and Carsten Ennemann, as Chief Financial Officer.
The increased focus on business in the Middle East and Southeast Asia will
not have any effect on the European business. Muehlhan will also continue
to systematically expand its services in the domestic market. Krueger:
'Europe will remain the backbone of our Group's business operations.
However, there is also a demand among our end customers for Muehlhan's
coating services outside of Europe. They are global players who place a
high value on the expert protection against corrosion we offer for their
million-Euro investments. They expect us, as high-quality service
providers, to have a presence wherever they need us.'
About Muehlhan:
The Muehlhan Group is a leading world provider of marine surface
protection. Its core business consists of applying and renewing corrosion
protection coatings to steel structures. They include steel surfaces of
ships and of oil and gas rigs and platforms. The Muehlhan Group is also
active in the Industry Services segment, which, besides scaffolding for
marine and industry customers, includes surface protection for wind
turbines, chemical production plants, and fuel storage depots, steel
bridges, cranes, and machinery. The company’s patented technology
brand-named μ-jet® guarantees especially high quality and efficiency
in the removal of old coatings and rust, particularly in the open sea.
Muehlhan was established in Hamburg in 1881 and employs some 2,400
employees around the world. In 2007 the company generated revenue of EUR
196 million (IFRS). For further information visit www.muehlhan.com.
Press contact:
Ties Kaiser
Muehlhan AG
Phone: +49-40-75271-156
Email: kaiser@muehlhan.com
24.04.2008 Financial News transmitted by DGAP
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Language: English
Issuer: Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Deutschland
Phone: +49 40 75271 0
Fax: +49 40 75271 130
E-mail: investorrelations@muehlhan.com
Internet: www.muehlhan.com
ISIN: DE000A0KD0F7
WKN: A0KD0F
Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Entry
Standard in Frankfurt
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