This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.
Juha Silvennoinen has been appointed the new CEO of GS-Hydro, a global supplier of non-welded piping solutions. Juha has extensive experience of international executive positions in various businesses, most recently as President, Services in Metso Minerals. He will start on 16 November and will succeed Pekka Frantti, who has chosen to resign after five years in the position.
Juha has a long experience of executive positions in global manufacturing businesses, most recently as President, Services in Metso Minerals, responsible for one of three global divisions. Prior to that, he had a long career in ABB where he held several executive positions for 25 years, including Group Senior Vice President, Head of Business Unit Motors and Generators as well as Group Vice President, Head of Business Unit Machines. Juha was born in 1961 and has a M.Sc. in Electrical Engineering from Helsinki University of Technology.
GS-Hydro is a leading global supplier of non-welded piping solutions primarily used in hydraulic applications with high demands on fast installation, cleanliness and minimal operational shutdowns. The products are used in the marine and offshore industries as well as in land-based segments such as the pulp and paper, metals and test equipment for the automotive industries. The company has approximately 700 employees in 17 countries with its head office in Espoo, Finland. Pekka Frantti was appointed CEO in 2010 and has announced that he wishes to resign.
Susanna Campbell, CEO of Ratos, comments: "GS-Hydro has seen stable development in recent years. Pekka has led the company for more than five years with a focus on continued global expansion, development of aftermarket sales and efficiency improvements. Juha has strong leadership skills and has led global businesses through change with great success, something I believe can drive and accelerate GS-Hydro's global expansion even further."
GS-Hydro was acquired in 2001 in conjunction with the acquisition of Atle. Since Ratos became owner of the company, GS-Hydro's sales have trebled mainly driven by geographical expansion, non-welded technology gaining market shares from traditional welded technology and strong underlying market development. Today, GS-Hydro has approximately 700 employees in 17 countries. Sales in 2014 totalled SEK 1,350m and operating profit (EBITA) amounted to SEK 100m.
For further information, please contact:
Johan Pålsson, Senior Investment Manager, +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, +46 8 700 17 20