19 November 2009
POWERFLUTE OYJ
APPOINTMENT OF CHIEF EXECUTIVE OFFICER
Powerflute Oyj (“Powerflute” or the “Company”) which operates paper mills in
Kuopio, Finland and Lenningen, Germany is pleased to announce that it has
appointed Marco Casiraghi, 62, to be its Chief Executive Officer with effect
from 1 January 2010.
Mr Casiraghi joins Powerflute from Coesia Group (“Coesia”), where he has been
Chief Executive Officer for the last nine years. Coesia is a privately owned
industrial group headquartered in Bologna, Italy and is involved in the design
and manufacture of machinery for process automation, specialist engineering and
packaging applications. Under Mr Casiraghi's leadership, Coesia developed into
a highly profitable group with more than 3,800 employees and 30 operating units
in 13 countries.
Prior to this, Mr Casiraghi spent six years with the Jefferson Smurfit Group
plc, a leading European paper-based packaging group, as Chief Executive Officer
of its Italian operations where he was responsible for 18 corrugated packaging
businesses with more than 2,000 employees. He was also previously a Senior Vice
President of United Technologies Carrier, the world's largest manufacturer of
air-conditioning and heating systems.
Mr Casiraghi's appointment as a director of Powerflute will be proposed at the
next Annual General Meeting which is expected to take place in April 2010.
Under the provisions of Finnish company law and the Company's Articles of
Association, a director may only be appointed by a majority of the shareholders
voting at a general meeting.
Commenting on the appointment Dr Dermot Smurfit, Powerflute's Chairman said:
“We are delighted to announce that Marco Casiraghi will be joining Powerflute
as Chief Executive Officer. Marco has an established track record in the
industry and a wealth of relevant experience. I am confident that he will
effectively lead the Powerflute Group during these challenging times and as the
economic recovery takes place. There are exciting opportunities ahead of us and
Marco will be instrumental in the successful delivery of our organic and
acquisitive growth strategy.”
Under the terms of his employment by the Company, Mr Casiraghi will be eligible
to participate in the newly created Powerflute Share Option Scheme (“the New
PSOS”) details of which will be announced later today. It is the Company's
current intention to grant Mr Casiraghi an option over 3,000,000 shares with a
subscription price of €0.33 (33 eurocents) under the terms of the New PSOS. In
addition, Mr Casiraghi will be provided with a special share-based incentive
comprising a nil-cost option over a further 2,000,000 shares whose vesting is
subject only to him continuing to be employed by the Company on the third
anniversary of the award.
The additional information required under AIM Rule 26 in connection with the
proposed appointment as a Director of Powerflute is as follows:
Marco Casiraghi is a director or partner of the following:
ACMA (to resign on 1 January 2010)
CIMA (to resign on 1 January 2010)
CJSC G.D. Automatic Packaging Machinery (to resign on 1 January 2010)
COESIA
COGEPRO
COMESCA (to resign on 1 January 2010)
ENGECO
G.D. (to resign on 1 January 2010)
G.D. Automatische Verpackungsmaschinen (to resign on 1 January 2010)
G.D. China Automatic machinery (to resign on 1 January 2010)
G.D. Industrie (to resign on 1 January 2010)
G.D. Jidokikay (to resign on 1 January 2010)
G.D. Machinery South East Asia (to resign on 1 January 2010)
G.D.M. Engineering (to resign on 1 January 2010)
GDM (to resign on 1 January 2010)
HAPA (to resign on 1 January 2010)
HAPA & LAETUS inc. (to resign on 1 January 2010)
LAETUS France (to resign on 1 January 2010)
LAETUS Italia (to resign on 1 January 2010)
LAETUS Mexico (to resign on 1 January 2010)
LTG Holdings GMBH & Co. KG
MONACAIR
PT G.D. Indonesia (to resign on 1 January 2010)
SIRIUS Machinery (to resign on 1 January 2010)
SMURFIT Monegasque Foundation (to resign on 1 January 2010)
TO.CE.CO. International Trading Co. (to resign on 1 January 2010)
VOLPAK (to resign on 1 January 2010)
VOLPAK Techgen Packaging Machinery (to resign on 1 January 2010)
There are no further disclosures required under paragraph (g), Schedule Two of
the AIM Rules for Companies.
Ends
Contacts
For additional information please contact:
Powerflute OYJ
Dermot Smurfit (Chairman)
David Walton (Chief Financial Officer)
c/o Billy Clegg, Financial Dynamics
+44 (0)20 7269 7157
Collins Stewart Europe Ltd:
Piers Coombs
Mark Dickenson
+44 (0)20 7523 8350
E.Öhman J:or Fondkommission AB:
Ms Arja Väyrynen
+358 9 8866 6029
Financial Dynamics:
Billy Clegg
Georgina Bonham
+44 (0)20 7831 3113
K Capital Source
Mark Kenny
Jonathan Neilan
+353 (1) 663 3686
About Powerflute
Powerflute Oyj (“the Company” or “Powerflute”) is a packaging group with
established positions in Nordic semi-chemical fluting and coated woodfree
papers.
Through its subsidiary Savon Sellu Oy, the Group operates a paper mill in
Kuopio, Finland which produces a specialised form of semi-chemical fluting made
from birchwood sourced principally in Finland and Russia. Corrugated boxes
manufactured using Nordic semi-chemical fluting demonstrate exceptional
strength and moisture resistance and are extensively used for transportation of
fruit and vegetables, high-value industrial goods such as electrical appliances
and automotive components. The Kuopio mill has the capacity to produce up to
300,000 tonnes per annum and is one of three suppliers of Nordic semi-chemical
fluting in Europe.
Through its recently acquired subsidiary Papierfabrik Scheufelen, the Group
operates a paper mill in Lenningen, Germany which produces a range of coated
woodfree papers from mixed hardwood and softwood pulps. Coated woodfree papers
are used in the production of printed promotional material such as brochures,
leaflets and other point of sale materials for producers and distributors of
premium branded goods. The Lenningen mill has the capacity to produce up to
300,000 tonnes per annum and supplies the majority of its products into the
European market where total demand has historically been in excess of 7.7
million tonnes per annum.
Directorate Change
| Source: Powerflute Oyj