VIENNA—Semperit CEO Thomas Fahnemann has requested the company's supervisory board "immediately release him from his management board contract," following the successful termination of the firm's joint venture transaction with Thailand's Sri Trang.
In a March 15 statement, the company said Fahnemann, who has served as chief executive for the past six years, is seeking "new professional challenges" after the successful JV termination and related realignment of Semperit.
The Vienna-based rubber engineering group announced, on the same day, that it had finalized the termination of almost all of its joint businesses with the Thai Sri Trang Agro-Industry Public Co. Ltd. Group.
The two companies agreed on the demerger Jan. 18.
Semperit now has taken over several Sempermed joint venture companies, majority interest in the Malaysian Formtech—which produces ceramic molds for glove production—as well as production companies of its industrial sector business in China, the company said.
Sri Trang, it added, will operate the glove production of Siam Sempermed Corp. Ltd. in Thailand, which had been operated jointly to date.
In Thailand, the joint venture Semperflex Asia for the production of hydraulic hoses will be continued.
Semperit received a one-time compensation of $167.5 million before taxes as well as a dividend payment of $51 million before taxes from the former joint venture Siam Sempermed.
The company said all pending arbitration and civil proceedings between the Austrian group, and the Sri Trang Group and SSC were settled by mutual consent.
Despite the demerger, Semperit said it would continue as a major player in examination and protective gloves market with the Sempermed segment.
"In the Industrial Sector, Semperit is able to proceed its growth course according to plan by further globalizing the business and expanding capacities," Fahnemann said following the transaction.
In the medical sector, he added, Semperit is now "fully in charge of its own house."