Corporate | 21 March 2011 09:58
Muehlhan AG / Key word(s): Change of Personnel/Miscellaneous
21.03.2011 / 09:58
Muehlhan expands Executive Board and broadens range of services
* Group intends to get back on track to growth through repositioning
Hamburg, 21 March 2011- Effective 1 May 2011, Stefan Müller-Arends will
assume the position of CEO of the Hamburg-based Muehlhan Group, which is
listed on the Frankfurt Stock Exchange in the Entry Standard market
segment. He will take over the area previously managed by Dr Andreas C.
Krüger, who will now head up the newly created 'Sales and Marketing'
department. Carsten Ennemann will continue in his role as Chief Financial
Officer.
Stefan Müller-Arends has established a name for himself as an expert in
company development. Among other things, as CEO of Mauser AG (Brühl), he
turned Mauser into a global company while substantially increasing its
profitability.
With the expanded management team, the company is repositioning itself to
better deal with the tough market conditions: Muehlhan intends to further
reduce its dependence on large-scale shipbuilding and ship repair. At the
same time, we are stepping up our business activities in the megayacht
coating and fairing (surface finishing) business. The passive fire-proofing
business will be expanded as well.
During the past year, the global economic crisis had a deeper impact on
Muehlhan than was initially expected. At the same time, there has been an
enormous increase in competitive pressure from Asia. The realignment
expands the Executive Board's scope of responsibilities. For that reason,
the Supervisory Board decided to reinforce the Executive Board by adding a
third member. Dr. Wulf-Dieter H. Greverath, Chairman of the Supervisory
Board, is convinced that, 'With its new focus, Muehlhan is well placed to
achieve its medium-term growth targets. Our high equity ratio will serve as
a good economic foundation for accomplishing that.'
About Muehlhan:
The Muehlhan Group is a global specialist in high-quality surface
protection and industrial services. Our business divisions - Ship
Newbuilding, Ship Repair, Energy, Industry and Other Services - enable us
to provide a broad range of professional services to our maritime and
industrial markets. The excellent quality of our service, our high degree
of organization, our technical expertise and almost 130 years of experience
are what set us apart.
With our workforce of around 2,300 employees at more than 30 locations
worldwide, we generated preliminary sales revenues of EUR 165.0 million in
2010. In the years to come, we will utilize our market position as a stable
foundation for further expanding our business.
Press contact: Ties Kaiser, Muehlhan AG; Tel: +49 40 75271 -156 10 640,
e-mail: kaiser@muehlhan.com
End of Corporate News
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Language: English
Company: 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
End of News DGAP News-Service
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116217 21.03.2011