DYWIDAG-Systems International announces organizational and leadership changes
- Successful repositioning of DSI Group into two Divisions
- Former Group CEO Patrik Nolåker focuses on non-executive role on DSI Board
- Group CFO Nick Moses takes over as acting CEO of DSI Construction
- Chairman of Board thanks Mr. Patrik Nolåker for his contributions
Luxembourg, September 7th 2016 - The Board of DYWIDAG Systems International Sarl (DSI) has announced changes within the organizational structure and leadership team at DSI today. Patrik Nolåker, who was Group CEO until the initiation of the reorganization of DSI into two separate divisions in March and is currently CEO of DSI Construction, will leave his role by mutual consent with effect as of September 30th. He will remain a member of the DSI Board. Until the appointment of a successor, Nick Moses, Group CFO, will act as CEO of DSI Construction, in addition to his current responsibilities.
“These leadership changes are a direct result of the Group’s reorganization into two separate divisions, DSI Construction and DSI Underground, run by independent operational management teams. This organizational change reflects the successful development of our businesses through profitable growth and accretive acquisitions and will further enhance their operational and strategic focus going forward. On behalf of the Board and Shareholders of DSI, I would like to thank Patrik for leading DSI since shortly after Triton acquired the business in 2011 and for driving the current reorganization to a successful conclusion. We look forward to continuing to work with Patrik in his ongoing responsibility as a DSI Board member” said Matthew Turner, Chairman of the DSI Board.
DSI’s proposed acquisition of Jennmar Australia
In February 2016, DSI announced that it had signed agreements to acquire Jennmar’s businesses outside the US, and to sell its US Mining business to Jennmar. The acquisitions in Latin America, Europe and China (50%), and the sale of the US Mining business, were completed in the first quarter of this year.
As noted in the February announcement, the completion of the acquisition of Jennmar Australia was conditional on approval from the Australian anti-trust authority, the ACCC. We have now decided to withdraw our application to the ACCC and have agreed with Jennmar to terminate the proposed transaction.
Michael Reich, DSI Underground CEO, commented: “In the process of this review, we have registered the concerns from the marketplace about certain aspects of the proposed transaction. While we believe these could potentially be addressed, we are also conscious of our responsibility to avoid a prolonged period of uncertainty. We therefore believe it is in the interests of all parties not to proceed with the proposed transaction.
DSI Australia of course is and remains a strong and successful business in the Australian ground support market. We are pleased with the progress made with the other acquisitions we have recently made and we will build on these foundations into the future. And we will continue to provide innovative ground support solutions and exemplary service to all our customers in Australia and around the world.”
Matthew Turner is the new Chairman of the DSI Group Board of Directors
We are pleased to inform you that Matthew Turner has agreed to assume the role of Chairman of DSI’s Board of Directors. He will succeed Michael Reich who, as previously announced, has taken up the role as CEO for the DSI Underground Division.
Matthew has been a Director since Triton acquired DSI in 2011 but was also a board member under the previous ownership since 2010, so is very familiar with all aspects of both the DSI Construction and DSI Underground Divisions.
Having a Board of Directors with a mix of relevant experience, as well as a strong commitment to support DSI in its strategy of profitable growth, has been a benefit for DSI under Triton’s ownership. Please join us in wishing Matthew success in his new role.
|for more information please contact: ||DYWIDAG-Systems International|
|Phone: + 49 89 309050 241|