Changes in Componenta’s management along with the acquisition of Komas Oy
Componenta Corporation Stock Exchange Release 4 June 2019 at 11.40
Componenta Corporation’s (”Componenta”) President and CEO and Chairman of the Board of Directors are set to change as the previously announced acquisition of Komas Oy (”Komas”) is realised. Componenta’s President and CEO Harri Suutari will become Chairman of Componenta’s Board of Directors and Komas’ CEO Marko Penttinen will be appointed as Componenta’s President and CEO. The current Chairman of the Board of Directors Petteri Walldén will continue as a member of the Board of Directors. The final conclusion of the acquisition requires approvals from the General Meeting and authorities.
Today, Componenta has convened the Extraordinary General Meeting to decide on a share issue to pay for the acquisition of Komas as well as to complete the Board of Directors. Componenta’s Shareholders’ Nomination Board proposes that Harri Suutari shall be selected as a member of the Board of Directors after the acquisition of Komas has been completed. In turn, Componenta’s Board of Directors has decided that once Suutari begins his work in the Board of Directors, he shall be elected as the new Chairman of the Board of Directors.
Componenta’s Board of Directors has appointed Marko Penttinen (b. 1967; BSc (Tech), MSc (Econ), MBA) as the President and CEO and member of Componenta Corporate Executive Team as from and conditional upon the fully completed acquisition of Komas. At the moment, Penttinen is CEO of Komas. Before that, he was Director of Business Development at Aidon Oy. In 2006–2012, Penttinen worked at Komas as COO as well as CEO at the Polish subsidiary. Before that, he held managerial positions with Samstock Oy and Enermet Oy in Finland and abroad.
“On the request of the largest owners, I started as Chairman of Componenta’s Board of Directors in 2012. The company had ended up in a difficult financial position. As the problems deepened in 2015, I accepted the position of the President and CEO of the company. My commitment to overcome Componenta’s financial difficulties and to redirect it on a path of growth has continued and still continues strong. We have finally found solid enough ground under our feet and started to make an effort for new growth. I strongly believe that we will be able to create significant added value for our customers and shareholders in the future. We are remarkably lucky that Komas, which we are about to acquire, has a CEO with the necessary competence to become Componenta’s President and CEO. I am convinced of Marko Penttinen’s abilities. He has done things at Komas that are already visible and that will continue as growth in business operations and improved profitability. I also believe that Marko, together with his Corporate Executive Team, will be able to achieve the commercial synergy benefits that we are seeking with this acquisition,” says Harri Suutari.
“I am honoured by my appointment and the opportunity to lead this company. Componenta’s and Komas’ combined operations will create a flexible and reliable partner especially for Finnish machinery and equipment manufacturers who buy cast and machined components; a partner who is also able to offer customer-oriented service with a one-stop-shop principle. Both companies have experienced a significant transformation in the past years and are thus ready for new and shared development. I look forward to working with employees of both companies towards realising the significant potential ahead of us as well as harnessing the synergy benefits for our customers and shareholders,” Marko Penttinen says.
“Componenta’s operations have been determined, open-minded and brave during Harri Suutari’s period as the President and CEO. With the restructuring proceedings and efficiency improvement measures, the Group has realised a true change of direction with an extremely well-functioning and intensive cooperation between the management and Board of Directors. To ensure the development of the company and a continued increase in value, it is important that Harri is ready to continue this work as part of the Board of Directors. The Board of Directors is convinced that Marko Penttinen has the necessary vision and experience to lead Componenta into the next phase as Komas’s operations are integrated with Componenta. Throughout his career, Marko has consistently proved his ability to lead in operational environments that are profitably challenging and changing,” states Petteri Walldén, Chairman of Componenta’s Board of Directors.
The final conclusion of Komas’ acquisition depends on the usual terms of acquisitions and mergers, including any possible approvals from authorities and the decision on the share issue by the Extraordinary General Meeting. The objective of the parties is to have the acquisition fully completed by 1 July 2019. According to notice of the General Meeting published today, the shareholders’ Nomination Board, comprised of the company’s largest shareholders, has proposed to the following Extraordinary General Meeting that the number of members in Componenta’s Board of Directors be increased from four to five and that Harri Suutari be elected as a new member of the company’s Board of Directors.
COMPONENTA CORPORATION
Board of Directors
For further information, please contact:
Petteri Walldén
Chairman of the Board of Directors
+358 40 069 4444
Harri Suutari
President and CEO
tel. +358 10 403 2200
Componenta is an international technology company. Componenta specializes in supplying cast and machined components to its global customers, who are manufacturers of vehicles, machines and equipment. The company’s share is listed on Nasdaq Helsinki.