STOCKHOLM, Sweden, Sept. 20, 2005 (PRIMEZONE) -- In order to improve governance, focus and accountability within the Haldex group, as well as to secure synergies between the different divisions of Commercial Vehicle Systems, the following changes in the group organization structure are being effective as of October 1, 2005.
The Group Executive Management will be reorganized into a Executive Management Committee composed of the CEO, CFO, Senior Vice President Operations and the four Division Managers of Hydraulic Systems, Garphyttan Wire, Traction Systems and Commercial Vehicle Systems (CVS).
The existing divisions within CVS will be merged into one single division. The CVS organization will consist of five global product based business units and one global sales organization. The five product based business units are Actuators, Air Management, Brake Control, Foundation Brake and Friction Products.
Management Appointments
As of January 1, 2006 the Executive Management Committee will comprise Joakim Olsson (President and CEO), Stefan Johansson (CFO), Jan-Erik Dantoft (Senior Vice President Operations), Chuck Kleinhagen (Division Manager CVS), Jay Longbottom (Division Manager Hydraulic Systems), Ulf Melin (Division Manager Garphyttan Wire) and Ulf Ahlen (Division Manager Traction Systems).
As earlier announced Stefan Johansson, presently CFO of Duni, has been appointed new CFO and will start during the fall of 2005, and Ulf Melin, presently Country Manager of Sandvik in Spain, has been appointed Division Manager Garphyttan Wire effective January 1, 2006.
Chuck Kleinhagen and Jan-Erik Dantoft are currently COO and CTO respectively of the Haldex group.
Cost Savings
The reorganization eliminates a number of management positions and will give an annual saving of approx. 20 MSEK, mainly within the CVS Division. The cost will be approx. the same amount and will be taken during the 3rd and 4th quarters in 2005.
Haldex (www.haldex.com), headquartered in Stockholm, Sweden, is a provider of proprietary and innovative solutions to the global vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Stockholm Stock Exchange and has annual sales of nearly 7 billion SEK with 4,400 employees.
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