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Move demonstrates commitment to shareholders and delivers on Value Creation Plan
Ras Al Khaimah, United Arab Emirates - RAK Ceramics P.S.C. (Ticker: RAKCEC: Abu Dhabi), one of the world's largest hi-tech manufacturers of lifestyle ceramics solutions, today announced that it now has complete control of both its British entity ("RAK Ceramics UK") and its German entity (RAK Germany) with the full acquisition of the remaining shares for both subsidiaries. Complementing this move, RAK Ceramics announced the appointment of a new leadership team to head its core European operations.
The move is expected to support RAK Ceramics as it grows within Europe's high-value markets and further consolidates the interests of its global operations.
Alvin Biggs has been appointed as Managing Director for RAK UK. Math Rietrae has been appointed as General Manager of RAK Ceramics' Central Europe division, based in Germany and Søren Hougaard has been appointed as General Manager of RAK Ceramics' North Europe division, based in Denmark.
Focusing on core
The new European set-up confirms RAK Ceramics' ongoing commitment to its Value Creation Plan, which primarily focuses on investing in 'core businesses' in key markets and includes a strong focus on corporate restructuring and robust corporate governance. RAK Ceramics UK is strategically important to RAK Ceramics' global operations, and the move confirms the company's efforts to invest in the development and growth of its footprint in the European market.
Abdallah Massaad, Group Chief Executive Officer at RAK Ceramics, said, ""We are excited to have strengthened our presence in the UK and Europe. These recent acquisitions and new management appointments reflect the success of our refocused strategy and continued execution of the Value Creation Plan endorsed by the Board of Directors in 2014. We are confident in our ability to enhance margins in the long-run and become a strong global competitor, strengthening our position within the ceramics industry around the world."
RAK Ceramics exports approximately 70% of the output that it produces in the UAE, most of which are dispatched to markets in Europe and Saudi Arabia. At the end of Q3 2015, the total net sales from Europe for tiles and sanitaryware reached AED 248 million. The new European offices will ensure that RAK Ceramics is strategically positioned to serve the entire European market, which is a fast-growing value market for the company.
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About RAK Ceramics:
RAK Ceramics is one of the largest ceramics manufacturers in the world, with an annual production capacity of 110 million square metres of tiles, 5 million pieces of sanitaryware, 24 million pieces of porcelain tableware and 600,00 pieces of faucets. The Ras Al Khaimah-based public-listed company was established in 1989 by H.H. Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah and UAE's Supreme Council Member. Now under the vision and leadership of Sheikh Khalid Bin Saud Al Qasimi, Chairman of RAK Ceramics; the company has enjoyed rapid growth becoming an industry leader in just 20 years.
Contact Details:
Further information in available online at www.rakceramics.com, or contact the following people:
RAK Ceramics
Steven Allen
Tel: +97172467400
Email: steve@rakceram.com
FTI Consulting
Racha Mhanna
Tel: +97144372100
Email: racha.mhanna@fticonsulting.com
© Press Release 2016
