NEO INDUSTRIAL PLC STOCK EXCHANGE RELEASE 18 September 2012 at 3.00 pm
Mr. Jari Salo (49), M.Sc. (Tech.), has been appointed Managing Director of Neo Industrial Plc. Salo will start in his new position on 8 October 2012. The shareholders representing over 50 per cent of the votes, propose that Mr. Markku E. Rentto, company’s current Managing Director, will proceed to work as Chairman of the Board on the next General Meeting .
In this context, Reka Cables’ COO Mr. Jorma Wiitakorpi (54), M.Sc. (Tech.), will be appointed Managing Director of the company.
Mr. Salo has previously acted as President and CEO of ValuCast Group. The company operates in sales, marketing, manufacturing and importing of iron and steel components for machine construction industry. Salo has strong experience in international business as Head of Wärtsilä’s global propulsion factories in Netherlands. Prior to that, he acted as Director of Wärtsilä’s factory in Turku.
Neo Industrial is going through significant changes at the moment. The Group will be divided into two: Reka Cables will remain in Neo Industrial Group and the viscose fibers segment, Avilon Plc, will be operating as a separate company. Avilon Plc is intended to go public in the first half of 2013.
- Cable business is a growing area. With the appointment of Jari Salo we are aiming to strenghten further our position on the growing markets of Baltic and Russia. As a separate company, Avilon will also have better possibilities to develop its global sales and consolidate co-operation with interesting new partners, emphasizes Mr. Matti Lainema, Chairman of the Board.
- The strategy of Neo Industrial Group will not change. We will continue to invest in industrial companies enabling synergic benefits and to develop the acquired companies with active ownership, states Mr. Markku E. Rentto.
Neo Industrial Plc
Board of Directors
For further information, please contact:
Matti Lainema, Chairman of the Board, tel. + 358 44 044 9666
Markku E. Rentto, Managing Director, tel. +358 20 720 9191
Jari Salo, tel. + 358 44 700 4466
ENCLS: Jari Salo’s CV and photo
Neo Industrial’s strategy is to invest mainly in industrial companies with
similar synergic benefits. The aim of investments is with active ownership to develop the purchased companies and establish additional value. Returns are sought through both dividend flow and an increase in value. Neo Industrial’s class B shares are listed on the NASDAQ OMX Helsinki Stock Exchange. Neo Industrial’s business segments are Cable and Viscose Fibers.
