Pressemitteilung BoxID: 582883 (Joyou AG)
  • Joyou AG
  • Fischertwiete 2
  • 20095 Hamburg
  • Ansprechpartner
  • Jens Hecht
  • +49 (40) 609186-0

Joyou AG: New shareholder structure

(PresseBox) (Hamburg, ) Joyou AG, a leading bathroom solution provider in China, announces that the company's major shareholders Mr. Jianshe Cai, Mr. Jilin Cai, Grohe Group and its major shareholders have agreed on a new structure of their shareholdings. Messrs. Cai will exchange their direct and indirect holdings in Joyou AG amounting to approximately 36.5 per-cent (approximately 7.9 per-cent directly and approximately 28.6 per-cent via Joyou Grohe Holding AG) for an important stake in the Grohe Group. In turn, the Grohe Group will increase their total Joyou AG shareholdings to 72.3 per-cent. The parties intend to sign a corresponding new shareholders' agreement and to complete the transaction in near term.

The free float of currently 27.7 per-cent will not be influenced by the intended transaction. A delisting or downlisting to a lower level stock market segment of Joyou AG is not intended.

The aim of the agreement is to further deepen the cooperation between Grohe Group and Joyou Group to build a world market leader in the sanitary ware industry and create a "house of brands" operating under the two brands Grohe and Joyou worldwide.

Joyou AG

Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces and sells products for the entire bathroom solution mainly 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.