Witex Flooring Products GmbH: Attaining new Objectives

27.07.2007 Witex Flooring Products GmbH:
Attaining new Objectives

With a new owner, a new name and new objectives - it’s the beginning of a new era for Witex. Since the takeover of the company on the 14th June 2007, things have changed at Witex. The current position of the Augustdorf-based flooring manufacturer can be best described as objective-based. The company was taken over by the Bear Stearns investment bank, thereby resolving any legal restrictions that would result in insolvency proceedings. The situation has now been clarified and confidence in the company is growing.
Witex International Flooring GmbH has experienced positive growth over the past 4 years however, despite its debts, displaying an annual growth rate in excess of the average rate in its sector. The company closed the 2006 financial year with an excess turnover of more than 23%. However, the threat of insolvency proceedings has been difficult for the company’s personnel.

The company’s new trading name reflects a new beginning for the company. The company now trades under the name Witex Flooring Products GmbH. The fact that the company’s Managing Director, Dr. Börge Schümann is now also co-owner of the company, has had a huge effect on reaching these newly established objectives, which include the development of new market sectors, representing market niches and significantly increasing the company turnover before 2012.
The staff changes and structural changes required to do this have already been set in motion. This has resulted in a merger of the Marketing and Innovation Management Departments under the leadership of Marketing Director Markus Schätzle (40). Linking innovation in the product and services sectors to marketing instruments has resulted in synergy gains at Witex. Those who have benefitted most from this are the customers. Mr. Hans-Jürgen Ihrig (44), will begin working for the company as Sales Director on August 1st 2007. Mr. Ihrig will be responsible for sales in Germany, Austria and Switzerland and is planning on building on the company’s current success by expanding the range of products available, and by improving the channels of distribution. Thanks to his previous experience, and his experience in the parquet sales sector in particular, Mr. Ihrig is highly qualified to work in this sector. Hans-Jürgen Ihrig is taking over from Jürgen Leiding. International sales have also increased due to the appointment of 3 new sales managers for France, Scandinavia and the Netherlands, as well as Eastern Europe. The company’s current market expert, Robert Staudte (35), who has worked in the sector for 3 years now, is responsible for achieving successful international sales results - excluding the USA.

The fact that Bear Stearns and Dr. Börge Schümann are working with Witex as principle shareholder and managing shareholder respectively, is a clear commitment to the company’s potential and to the Augustdorf site and is a long-term investment. The results from the first half of 2007 show that the best possible foundations have been laid: The manufacturer has already recorded a substantial double-figure increase in turnover in its main markets in comparison with the previous year.
The future changes that are going to be implemented at Witex, will also be reflected in the provision of funds, which should resolve the accumulated slowdown in investment. New product developments, expanding the quality management of products and services and establishing new customer services should be achieved in the near future, based on an equity base of approximately €7,000,000.

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Contact:
Witex Flooring Products GmbH
Marketing and PR Department
Nord-West-Ring 21
32832 Augustdorf
Tel: +49 5237 609 -343
Fax:+49 5237 609 -309
E-mail: pr@witex.com
Internet: www.witex.com