Gelsenkirchen, October 26, 2006 The Management Board and Supervisory Board of Masterflex AG (ISIN DE0005492938), technology leader in the field of special plastics processing, have decided to keep its subsidiary DICOTA GmbH, Bietigheim-Bissingen within the Masterflex AG Group, despite interest from a number of potential buyers.
Masterflex AG had acquired a majority share in DICOTA GmbH in August 2001 and effected a full takeover of the company in January 2005. DICOTA is one of the market leaders in the area of mobile office equipment. The company's activities primarily comprise the sale of system cases and bags for transporting notebooks and office systems. The profitable and rapidly growing company recorded sales of EUR 28.8 million in 2005, and expects to generate a 20-30 percent increase in sales along with a double-digit rise in earnings before interest and taxes in the 2006 financial year. DICOTA posted the highest sales figures in the company's history at the end of September 2006. Results are continuing to develop very positively in the current financial year.
Masterflex AG's Group strategy is to be market and/or technology leader in the Group's various target markets. As one of the market leaders in the area of mobile office equipment, DICOTA GmbH fulfils these criteria. Masterflex AG will therefore continue to support DICOTA's successful development and is to retain the company within the Masterflex Group for the immediate future.
Masterflex AG's management team is increasingly focussing on expanding its successful core business unit High Tech Hose Systems. Particular emphasis is to be placed on the development of new products and continued internationalisation. The position of High Tech Hose Systems business unit manager has now been created to help achieve these goals.
To further expand Masterflex Group's research and development activities and innovative strength, Masterflex AG's Supervisory Board has appointed Dr-Ing. Andreas Bastin as a full member of the Management Board of Masterflex AG with effect from 1 December 2006. Dr Bastin will be responsible for the newly created Technology division.
Having attained a degree in engineering, Dr Bastin initially performed various management roles in a company in the Krupp-Hoesch Group. During this time, he completed a doctorate in engineering at the University of Dortmund. He then spent around ten years as Managing Director of a mid-market technology company before joining ETAS GmbH, Stuttgart, Germany, a subsidiary of Robert Bosch GmbH, in 2004, as a member of the management team responsible for the successful development of various global business units.