11 January 2017
Nils Agnar Brunborg has been appointed as new acting CEO of Jøtul, a global supplier of stoves and fireplaces with its main production facilities in Norway and Denmark. Eskil Zapffe is leaving after three years as CEO of the company.
Nils Agnar has extensive experience in the CEO role of international companies, most recently as CEO for the global brand O Mustad & Søn. His previous positions include that of CEO of Isola Holding and CEO of the listed company BioMar Group. Nils Agnar will assume the position of acting CEO in January.
"Under Eskil's leadership, Jøtul has worked to strengthen its competitiveness and profitability through efficiency improvements, a greater focus on sales, changes in the production structure and improvement in the product development process. We can see that the company is moving in a positive direction and that Eskil leaves a company in a natural phase where Nils Agnar's extensive experience of driving change initiatives can accelerate the change process further," says Johan Rydmark, Senior Investment Manager Ratos.
Jøtul was acquired in 2006 and is a global supplier of cast-iron stoves and fireplaces with market-leading positions. Annual sales amounted to NOK 892m and adjusted EBITA to NOK 14m based on the most recent rolling 12 months as per September 2016.
For further information, please contact:
Johan Rydmark, Senior Investment Manager Ratos, +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, +46 8 700 17 20
Helene Gustafsson, IR Manager Ratos, +46 8 700 17 98
Financial calendar from Ratos:
Year-end report 2016 17 February 2017
Annual General Meeting 6 April 2017
Interim report January-March 2017 8 May 2017
Interim report January-June 2017 17 August 2017
Interim report January-September 2017 14 November 2017
Ratos is an investment company that owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos's portfolio consists of 19 medium-sized Nordic companies and the largest segments in terms of sales are Consumer goods/Commerce, Construction and Industrials. Ratos is listed on Nasdaq Stockholm and has a total of approximately 15,400 employees.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ratos via Globenewswire