PRESS RELEASE
In continuation of the announcement on 23 August 2013 concerning the stopped sales process of the Cembrit Group and the implementation of an improvement programme, it has been decided to restructure and strengthen the Cembrit Management.
As of 1 October 2013, Martin Jermiin has therefore been appointed new President & CEO of the Cembrit Group. Martin Jermiin was formerly partner at McKinsey & Company where he has been employed since 2003. Martin Jermiin holds an M.Sc. degree in Applied Economics and Finance from Copenhagen Business School.
Jørgen Jacobsen, current President & CEO of the Cembrit Group, will take up a new position as Group Business Development Director. Hence, Jørgen Jacobsen, with his vast experience from Cembrit and the building material business in general, will continue in Cembrit in order to contribute to the development of the Group as well as to secure continuity. Jørgen Jacobsen will also continue as part of Cembrit Group Management.
Following the appointment of a new President & CEO, a process with the purpose of appointing an independent Board of Directors with in-depth industry experience will be started.
FLSmidth will develop Cembrit as a stand-alone business, including optimising the production facilities, developing the product portfolio and further optimising the cost structure in order for Cembrit to retain its position as the leading distributor and producer of fibre cement products in Europe.
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Please address any questions regarding this announcement to Group Executive Vice President Bjarne Moltke Hansen, FLSmidth & Co. A/S at +45 36 18 18 00.
For further information about FLSmidth, please visit www.flsmidth.com.
Yours faithfully
Pernille Friis Andersen
Corporate Communications & Investor Relations