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[March 2002]
Changes Ahead for Sanitec
Sanitec Corporation (Helsinki, Finland) will merge with its parent company, Pool Acquisition Helsinki Oy, on 31 March 2002. The company name will remain as Sanitec Corporation and the business operations of the group will continue as before.In connection with the merger, Dr Rainer Simon has been appointed President and CEO of Sanitec. At the same time, the current President and CEO - Berndt Brunow - replaces Georg Ehrnrooth as Chairman of the Board of Directors.
Rainer Simon has broad multinational business experience. His current position is Director Overseas and Affiliated Companies of Grohe AG & Co, where he is also a member of the Board of Directors. He will be based in Hamburg, Germany and Helsinki, Finland.
Sanitec grew sales from 496.4 million euro in 1996 to 877.3 million euro in 2000. In the same period earnings per share rose from 0.54 to 0.63 and the number of employees rose from an average of 4,380 to 8,302. The main markets of Sanitec are in Europe, although it has production plants and sales companies around the world. This ensures, says the company, a strong platform for continued expansion.
ENDS