In continuation of the recent acquisitions made by Promens hf. the Board of
Directors of Promens hf. has approved a new organisational structure for the
company which will be effective as of July 1st 2007. The main objectives of the
organisational changes are to integrate all the underlying businesses, increase
efficiency and establish a strong base for further growth and development of
the company.
The main change in the organisational structure concerns the Polimoon Group,
which since being acquired in December 2006 has been run as an independent
company within Promens, but will now be operated as an integrated part of the
Promens Group.
The Board of Directors of Promens hf. and Arne Vraalsen, President and CEO of
Polimoon, have reached an agreement according to which he will leave his
current position as a CEO of Polimoon as of June 30th, although he will
continue to work for Promens as a consultant until the end of 2007.
According to the new organisational structure Promens will be divided into
three business units, being Packaging, Rotational Moulding and Components.
Special emphasis will be put on Procurement and Productivity & Quality which
will be run as support units within the Group. Promens' head office will
continue to be in Iceland, but a corporate service centre will be established
in Oslo, Norway, responsible for financial management, IT, procurement and
productivity & quality.
The new executive team of Promens' consists of the following:
Ragnhildur Geirsdóttir, who became the President and CEO of Promens in January
2006, will continue to lead the Group.
Adrian Platt who has been the CFO of Polimoon since 2000 has been appointed the
Chief Financial Officer of Promens.
Jón Sigurðsson who has been the CFO at Promens since its establishment in 2005,
has been appointed Senior Vice President of Procurement.
Thor Audun Saga has been appointed Senior Vice President of Productivity &
Quality. He has held a similar position in Polimoon since 2006.
Aart Fortanier has been appointed Senior Vice President of Rotational Moulding.
He has been heading Promens' rotational moulding in Europe since Promens
acquired Bonar Plastics in 2005.
Erik Feijen has been appointed Senior Vice President of Components. He has held
the same position in Polimoon since 2002.
Jeroen Hooft has been appointed Senior Vice President Packaging. He has managed
the packaging operation for Polimoon in Continental Europe since 2002.
“Promens has during the last two years been one of the fastest, if not the
fastest growing plastics conversion company in the world, and we plan to
further grow the company. With these organisational changes in place, we have
the structure and the management team to lead the company into the next era and
further grow and develop the company.” says Ragnhildur Geirsdóttir, President
and CEO of Promens.
Further information about the management is in the following attachment
About Promens:
Promens is a leading global plastics manufacturer operating over 60
manufacturing facilities in Europe, North America, Asia and Africa. The company
manufactures a wide range of products, including consumer-, chemical-,
pharmaceutical- and food packaging, as well as plastic components for the
automotive, heavy machinery and electronic industries. Promens' factories
utilise most of the production methods used by the plastics industry, such as
injection moulding, blow moulding and thermoforming, as well as being the
world's largest rotational moulder.
Promens revenue in 2007 is projected to be in the range of EUR 710 million, and
the total number of employees is approximately 5,800. The main shareholders of
Promens hf. are the investment company Atorka Group hf. and Landsbanki.
About Atorka Group:
Atorka Group is a progressive investment company that is listed on the OMX
Nordic Exchange in Iceland and is included in the ICEX-15 index. Atorka invests
in companies on global growth markets ans supports growth both internal and
external. In its investments, Atorka emphasises companies characterised by
solid operations and strong cash flow, strong management, promising conditions
for internal and external growth, and opportunities for value enhancement.
For further information, contact Ragnhildur Geirsdóttir, President and CEO of
Promens, at +354 580 5550, rgeirsdottir@promens.is
www.promens.com.
