Surteco Group SE announced at its meeting the Supervisory Board of SURTECO GROUP SE passed a resolution relating to comprehensive measures designed to optimize the structure of the company. In order to streamline the Group structures, the executive management of SURTECO GmbH will be taken over by the Management Board of SURTECO GROUP SE with effect from next year. In this context, the managing directors Mr. Dieter Baumanns and Mr. Peter Schulte leave the company.

As part of a functional organization, the Management Board will in future assume responsibility for operational activities. Additionally, the organization will be further streamlined by closing the sales companies in Spain and Turkey. The reduction of approximately 175 jobs, particularly in the Decoratives Segment, is intended to strengthen competitiveness at the German locations.

Owing to the demand-related under-utilization of capacity and optimization of the production network over the long term, one-off write-downs on assets and inventories are also being carried out in the business year 2019. The CFO of the company, Mr. Andreas Riedl, has asked the Supervisory Board not to extend his Management Board contract, which expires on 30 June 2020. He will continue to carry out his functions on the Management Board until his contract expires and he will then take up new functions outside the SURTECO Group.

The Supervisory Board would like to take this opportunity to thank Mr. Riedl for his many years of successful service in the SURTECO Group and regrets the decision taken by Mr. Riedl. In order to strengthen the operating functions, the Supervisory Board has additionally resolved to extend the Management Board by a Chief Operating Officer (COO). An appointment will be made to this position during the course of the business year 2020.