Pressemitteilung BoxID: 582909 (Joyou AG)
  • Joyou AG
  • Fischertwiete 2
  • 20095 Hamburg
  • Ansprechpartner
  • Jens Hecht
  • +49 (40) 609186-0

Joyou AG: New shareholder structure strengthens global cooperation with Grohe

(PresseBox) (Hamburg, ) The major shareholders of Joyou AG, Mr. Jianshe Cai and Mr. Jilin Cai, Grohe Group and its major shareholders, have agreed on a new shareholder structure of the company. Messrs. Cai will trade their direct holdings of approximately 7.9 per-cent in Joyou AG as well as their indirect holdings of approximately 28.6 per-cent via Joyou Grohe Holding AG for an important stake in the Grohe Group. As a result the Grohe Group will increase their total Joyou AG shareholdings to approximately 72.3 per-cent. The free float of 27.7 per-cent will not be influenced by the transaction. The parties intend to sign a corresponding new shareholders' agreement and to complete the transaction in near term.

The major shareholders are committed to the listing of Joyou AG in the Prime Standard of the Frankfurt Stock Exchange. A delisting or downlisting to a lower level stock market segment is not intended.

In line with the long lasting and successful cooperation between Messrs. Cai and the Grohe Group, the parties intend to further intensify their joint activities and enhance the companies' international positioning. "Our aim is to create a house of brands operating under Grohe and Joyou on a global perspective. I am convinced that Joyou and the Grohe Group will mutually benefit from each other in regards to technology as well as to cooperation in sourcing and distribution," says Jianshe Cai, CEO of Joyou AG. "We are delighted to bring two great companies closer together to better leverage each others expertise. Joyou will help expand Grohe sales in China and Grohe Group will help Joyou to become a successful international brand," he adds.

Joyou AG

Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces and mainly sells products for the entire bathroom solution in China under its brand name "Joyou" and is also engaged as a OEM/ODM-manufacturer for international brands and trading companies in the United States and Europe as well as other emerging markets. In 2011 Joyou was one of the leading single-brand manufacturers of bathroom, and other faucets in China in terms of revenues (according to BSRIA's China Bathroom Study 2011). Joyou has established an extensive distribution network in China with over 4,000 retail points of sales as of 31 December 2012.

Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian Province in China. Joyou mainly sells under its own brand name and has the following nine product groups in its business portfolio: Bathroom Faucets, Kitchen Products, Shower Products, Ceramics and Bathtubs, Bathroom Cabinets, Bathroom Accessories, Other Faucets and Sanitary Hardware, Copper and Semi-Finished Components, Grohe Business. In 2011, Joyou realised group revenues of EUR 287.1 million, an operating profit (EBIT) of EUR 45.3 million and a net profit of EUR 38.5 million.