RHI Magnesita N.V.
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RHIs Insulating Division with new structure
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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The Insulating Division (Heraklith) contributes approx. EUR 170 million or just
over 10% annually to the consolidated sales revenue of the RHI Group. An
analysis of the framework conditions in the core markets has led the RHI
management to actively counteract the difficult cyclical situation and to
implement structural changes consistently:
1. Promotion of the market strength in the growth region of Central and Eastern
Europe, with a particularly intensive focus on Russia, Ukraine, Romania,
Bulgaria and the successor states of former Yugoslavia;
2. Consistent rationalization measures, location adjustments and increase in
efficiency in the core markets in Germany and Austria as the market shows no
growth potential due to the persisting weak construction industry.
With these structural measures, RHI expects EBIT in the Insulating Division to
increase by approx. 50% in 2003 as compared to the current financial year. The
earnings targets budgeted for 2002 within the framework of restructuring will be
met through successes on the cost side despite the ongoing weak construction
industry especially in Germany.
In the course of the structural measures, Österreichische Heraklith GmbH will be
transformed into Heraklith AG as of January 1, 2002. This step underlines the
operating independence and autonomy of the Insulating Division within the RHI
Group. The operating structure of the Heraklith-Group will be based on four
pillars in the future: Business Unit Structural Engineering, Business Unit
Heradesign, Business Unit Industrial Insulating Materials and Investment
Management of Foreign Companies.
The Board of Management of Heraklith AG will be made up as follows: Roland
Platzer changes from RHI over to the new Heraklith Board as CEO/COO, Dr. Eduard
Zehetner assumes the function of the CFO in personal union with his tasks as RHI
Board Member. Dr. Helmut Draxler, CEO of RHI AG, will be Chairman of the
Supervisory Board.
The Board of Management of the RHI Group is convinced that the establishment of
clear structures in the Insulating Division have created a basis, which, on the
one hand, supports a sustainably positive business development of Heraklith AG
in the best possible manner, and, on the other, optimally prepares all
possibilities for future partnerships.
end of ad-hoc-announcement (c)DGAP 19.11.2002
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WKN: 067690; ISIN: AT0000676903; Index: ATX
Listed: Amtlicher Handel in Wien; Amtlicher Handel in Frankfurt, München;
Freiverkehr in Berlin, Hamburg, Stuttgart
191100 Nov 02
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