Aage Snorgaard appointed new CEO of Contex Group
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.
Aage Snorgaard has been appointed as the new CEO of Ratos's subsidiary Contex Group A/S with effect from 1 October. Aage Snorgaard joins Contex from Nokia and the position of Senior Vice President - Mobile Phones R&D; responsible for global development of all Nokia Series 30 and Series 40 phones.
Aage Snorgaard, 47, is a Bachelor of Science in Production Engineering from Copenhagen University College of Engineering and has a Diploma in Marketing from Copenhagen Business School. Over the past 20 years Aage Snorgaard has held leading positions in the telecom industry and other high-technology operations. He joins Contex from Nokia and the position of Senior Vice President - Mobile Phones R&D; responsible for global development of all Nokia Series 30 and Series 40 phones. Aage Snorgaard will be CEO of Contex Group, and also head the subsidiary Contex A/S. Kenneth Aaby Sachse, who has been acting CEO since September 2009, will return to his position as CFO of Contex Group.
"Aage Snorgaard has long and broad experience of technically advanced sectors. Lessons learned from the rapid and extensive changes that have occurred in the mobile phone industry make him a highly suitable CEO for Contex Group. The board is convinced that Aage, together with management and other employees, will further develop and strengthen all three of the company's business areas, says Contex Group's chairman Arne Frank.
As acting CEO and CFO, Kenneth Aaby Sachse has been the driving force behind the restructuring measures that have restored the overall profitability of Contex, despite 20% less volumes, to pre-crisis levels," continues Arne Frank.
Aage Snorgaard will take up his position on 1 October 2010.
The Danish company Contex Group is a world-leading developer and manufacturer of innovative 2D and 3D digital imaging solutions. The company has three operating areas: Contex A/S is the world's largest manufacturer of wide-format scanners, Z Corporation manufactures 3D printers, Vidar Systems Corporation manufactures products for medical imaging.
Ratos's holding in Contex Group amounts to 99%.
For further information, please contact: Per Frankling, Investment Director Ratos, +46 702 68 59 08 Arne Frank, Chairman of Contex Group, +46 704 45 53 70 Emma Rheborg, Head of Corporate Communications and IR Ratos, +46 733 80 22 63 Aage Snorgaard, CEO-designate Contex Group, +45 4056 4006
Financial calendar from Ratos: Interim Report January - June 2010 20 August 2010
Interim Report January - September 2010 4 November 2010
Ratos is a listed private equity company. The business concept is to maximise shareholder value over time by investing in, developing and divesting primarily unlisted companies. Ratos offers investors a unique investment opportunity. Ratos's equity is approximately SEK 15 billion and has a market capitalisation of approximately SEK 33 billion. Ratos's holdings include AH Industries, Anticimex, Arcus Gruppen, Bisnode, Camfil, Contex, DIAB, EuroMaint, GS-Hydro, Hafa Bathroom Group, Haglöfs, HL Display, Inwido, Jøtul, Lindab, MCC, Medisize, SB Seating, Superfos and Other holdings.