Vienna – Semperit CEO Thomas Fahnemann has requested the company’s supervisory board "to immediately release him from his management board contract", following the successful termination of joint venture transaction with Thailand’s Sri Trang.
In a statement on 15 March, the company said Fahnemann, who has served as chief executive for the past six years, is seeking “new professional challenges” after the successful JV termination and related realignment of Semperit.
The Vienna-based rubber engineering group announced, on the same day, that it had finalised the termination of almost all of its joint businesses with the Thai Sri Trang Agro-Industry Public Co Ltd. Group.
The two companies agreed on the demerger on 18 Jan.
Semperit has now taken over several Sempermed joint venture companies, majority interest in the Malaysian Formtech – which produces ceramic moulds for glove production – as well as production companies of its industrial sector business in China, the company said.
Sri Trang, it added, has taken over the glove production of Siam Sempermed Corporation Ltd (SSC) in Thailand, which had been operated jointly to date.
In Thailand, the joint venture Semperflex Asia (SAC) for the production of hydraulic hoses will be continued.
Semperit received a one-time compensation of $167.5 million (€157 million) before taxes as well as a dividend payment of $51 million before taxes from the former joint venture Siam Sempermed (SSC).
The company said all pending arbitration and civil proceedings between the Austrian group, and the Sri Trang Group and SSC were settled by mutual consent.
Despite the demerger, Semperit said that it would continue to remain a major player in examination and protective gloves market with the Sempermed segment.
“In the Industrial Sector, Semperit is able to proceed its growth course according to plan by further globalising the business and expanding capacities,” said Fahnemann following the transaction.
In the Medical Sector, he added, Semperit is now “fully in charge of its own house”.