Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Thursday 19 December, 2019

SURTECO GROUP SE

Resolution passed on comprehensive structural modifications; changes in the Management Board

DGAP-Ad-hoc: SURTECO GROUP SE / Key word(s): Restructure of Company/Personnel
SURTECO GROUP SE: Resolution passed on comprehensive structural modifications; changes in the Management Board

19-Dec-2019 / 14:01 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


SURTECO GROUP SE: Resolution passed on comprehensive structural modifications; changes in the Management Board

Munich, 19 December 2019 - At its meeting today, the Supervisory Board of SURTECO GROUP SE passed a resolution relating to comprehensive measures designed to optimize the structure of the company.
In line with this resolution, the Management Board will in future play an operational role and take over the executive management of the biggest subsidiary company SURTECO GmbH. Measures to further improve the company's profitability were also resolved. These involve the Group structures being significantly streamlined, particularly in the Decoratives Segment. As a result of this, an adjustment in the size of the workforce is envisaged by around 175 employees in Germany. Additionally, the sales companies in Spain and Turkey will be closed. Owing to the ongoing challenging economic framework conditions and the resulting under-utilization of capacity, one-off write-downs on assets and inventories are necessary.
Expenses about 15 to 20 million euros will be incurred for these measures, which will constitute an obviously negative burden on the result for 2019. The original forecast of 38 to 40 million euros is still forecast for the operating result (EBIT1 adjusted by one-off expenses). Over the medium term, the measures referred to above should lead to an EBIT between 55 and 60 million euros.

The CFO of the company, Mr. Andreas Riedl, has asked the Supervisory Board not to extend his Management Board contract, which expires on 30 June 2020. He will continue to carry out his functions on the Management Board until his contract expires and he will then take up new functions outside the SURTECO Group.
The Supervisory Board would like to take this opportunity to thank Mr. Riedl for his many years of successful service in the SURTECO Group and regrets the decision taken by Mr. Riedl.

Furthermore, the Supervisory resolved to extend the Management Board and appoint a Chief Operating Officer. An appointment will be made to this position during the course of the business year 2020.

1 The use of indicators in this press release is carried out in accordance with the definition in the Annual Report 2018. This can be called up at www.surteco-group.com.




Contact:
Martin Miller
Investor Relations
[email protected]
+49 (0)8274 9988-508

19-Dec-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: SURTECO GROUP SE
Johan-Viktor-Bausch-Str. 2
86647 Buttenwiesen
Germany
Phone: +49 (0)8274 99 88-0
Fax: +49 (0)8274 99 88-5 05
E-mail: [email protected]
Internet: www.surteco-group.com
ISIN: DE0005176903
WKN: 517 690
Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange
EQS News ID: 940065

 
End of Announcement DGAP News Service

940065  19-Dec-2019 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=940065&application_name=news&site_id=financialexpress

a d v e r t i s e m e n t