Press Releases

12/16/2009

Change in management at SAF-HOLLAND after successful refinancing

Luxembourg, December 2nd, 2009 - With the successful completion of SAFHOLLAND's new financing agreement, Dr. Reiner Beutel stepped down as Chief Executive Officer (CEO) and Member of the Board of Directors effective with the Annual General Meeting on December 18, 2009. Dr. Beutel has used his expertise and experience to lead the Company through a very difficult restructuring phase. The operational restructuring of the Company is taking effect and a sustainable reduction in costs and working capital has been achieved. With a positive EBIT, the Company was returned to profitability in the third quarter. Dr. Reiner Beutel: "After the successful completion of the refinancing and implementation of the operational restructuring measures, I will now turn my attention to new challenges ." The Board of Directors would like to thank Dr. Beutel for his contribution. Dr. Reiner Beutel's successor as CEO will be Mr. Rudi Ludwig. After the restructuring, one of Rudi Ludwig's main tasks will be aligning the Company for growth. Rudi Ludwig is a recognized expert in the industry and a Member of the Board of Directors. Mr. Ludwig previously served as Chairman of SAF-HOLLAND's Management Board from 2003 to January 2009.

Company Profile
With more than EUR 800 million in sales in 2008 and approximately 3,000 employees, SAF-HOLLAND S.A. is one of the worldwide leading manufacturers and suppliers of premium product systems and components primarily for trailers as well as trucks, buses, and recreational vehicles. The product range encompasses axle and suspension systems, fifth wheels, couplers, kingpins, and landing legs. SAF-HOLLAND customers include the majority of large truck and trailer producers all over the world. The products are sold to Original Equipment Manufacturers (OEMs) and Original Equipment Suppliers (OESs) by means of a global service and distribution network and via aftermarket channels directly to the end users and service garages. SAF-HOLLAND has therefore established itself as one of the few manufacturers in its sector that is internationally positioned with an extensive product range and a broad service network. SAF-HOLLAND S.A. has been listed in the Prime Standard of the Frankfurt Stock Exchange since June 2007.

back to overview