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Affichage Holding SA: further progress abroad
New CFO appointed(PresseBox) ( Zürich, )
Affichage Holding SA has sold its 70% share in Europlakat BH d.o.o. in Sarajevo to local management, which already held 30% of the share capital. As per the terms of the transaction, the purchase price is to be paid in a number of instalments. As planned, Affichage Holding SA now withdraws from Bosnia-Herzegovina and will deconsolidate this investment as of 31 December 2011.
In Romania, a transactional settlement was reached and ended the dispute with the local minority shareholder and also manager of the Romanian affiliates of Affichage Holding SA. In this context, Affichage Holding SA takes over the entire 30% share currently held by the minority shareholder and consequently gains complete control over the Romanian affiliates. An option to purchase 100% of the shares in the Romanian affiliates was granted to the seller and may be exercised from January 1 until March 31, 2012. This transaction further provides for the final settlement of all disputes and pending proceedings. Affichage also intends to withdraw from the Romanian market when the time comes.
Further, as a result of Ulrich von Bassewitz's, the current CFO, leaving the company at the end of March 2012 as already announced, the Board of Directors of Affichage Holding SA has appointed Beat Hermann (42, lic. oec. publ. University of Zurich) as the new CFO. Beat Hermann is an experienced financial specialist who has held management functions in Switzerland and in the USA. His previous posts have included Director Finance at Sony Music Entertainment (Switzerland) and Senior Corporate Controller at Lindt & Sprüngli. Beat Hermann was CFO of Ghirardelli Chocolate USA (Lindt & Sprüngli Group) from 2006 to 2011. He is currently Group CFO at Hilcona, Schaan. His move to Affichage Holding is expected to take place in spring 2012.
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