AGRANA Beteiligungs-AG’s Supervisory Board approved AGRANA NEXT LEVEL, the new Group strategy presented by the Management Board. The implementation of the measures it details will significantly increase AGRANA’s competitiveness in the future and is the company’s response to challenges such as economic uncertainty, geopolitical crises, high raw material volatility and increasing cost pressure. The strategy focuses on system change and profitable growth, and aims to reduce the company’s dependency on market volatility as well as increase its basic profitability.
The core element of AGRANA NEXT LEVEL is the transformation of the AGRANA Group into a streamlined, strategic holding company with two strategic business units: “Agricultural Commod- ities & Specialities” and “Food & Beverage Solutions”. This reorganisation will enable the Group to pool its expertise in a targeted manner and make greater use of existing synergy potential both in terms of markets and costs. The resulting annual savings potential, which will be fully effective from the 2027|28 financial year onwards, amounts to approximately € 80 – 100 million and is an integral part of AGRANA NEXT LEVEL.
All the details required to realise the savings effects resulting from AGRANA NEXT LEVEL will be worked out in detail by the end of the current financial year 2024|25 and then implemented step by step.
Stephan Büttner (Photo: AGRANA)
AGRANA CEO Stephan Büttner: “AGRANA NEXT LEVEL is our roadmap through a multitude of challenges that will affect our employees, customers, suppliers and owners alike. The trans- formation of our company is designed to make our organisation more effective and agile in future. With this new strategy, we’re responding to current challenges while also proactively shaping our future. We’ll achieve cost and market synergies, which will strengthen our profit- ability and increase our scope for future profitable growth. By systematically implementing our portfolio strategy and focusing on innovation, we’ll lead AGRANA into a successful future.”
In addition to structural transformation, sustainability remains a central component of AGRANA’s NEXT LEVEL strategy. We’re on track to achieve net-zero emissions (Scope 1+2) by 2040; and Scope 3 by 2050 at the latest. “This commitment is not only part of our social responsibility, but also a strategic imperative to remain competitive in the long term. We’ll have invested more than € 600 million in sustainable technologies and energy efficiency by 2040 to ensure that AGRANA meets the requirements of the Paris Agreement on climate change,” emphasises CEO Büttner.
The new role of the holding company
In future, AGRANA Holding will focus on the strategic direction of key areas, including strategy and transformation, human resources management, IT, procurement and operations excel- lence. Operational services are being combined to ensure efficient management of the Group. Consolidating similar functions and streamlining structures avoids redundant processes and ensures simpler, more efficient workflows.
A new role for the divisions
In order to combine the competencies of the AGRANA Group effectively and to align them with the market as well as create cost synergies, the company’s structure will be transformed into a more functional and permeable business model. While four companies (divisions) will remain under the holding company, they will be strategically combined into two business units, “Ag- ricultural Commodities & Specialities” (sugar, starch, fruit juice concentrate) and “Food and Beverage Solutions” (fruit flavour, brown flavour & spicy preparations, flavourings, syrups, sauces) to better meet the different management requirements.
“Agricultural Commodities & Specialities” will focus on cost efficiency, from raw material pur- chasing to production due to the broad standardisation of products and high competitive pres- sure. This business unit will build on its strength of having a regional footprint with its proximity to raw materials and proven expertise in raw material management.
In future, the low margins resulting from the dependence of raw material processing on agri- cultural cycles, climate and market conditions will be counteracted by optimising processes and technologies. The structural similarities between sugar and starch production offer great synergy potential, which AGRANA will be exploiting by aligning production and maintenance processes, as well as by intensifying technology transfer (for example, in emission-reducing energy systems).
In “Food and Beverage Solutions”, management focuses on developing innovative solutions for and with industrial customers. Here, AGRANA can draw on its market leadership in fruit preparations with a global footprint, worldwide customer proximity and innovative strength. The focus is on customer-specific, value-added products and the co-creative development of customised solutions with customers in the food and beverage industry. This higher level of innovation will lead to products with stronger margins and better opportunities for differenti- ation in global markets. In particular, the “Ice Cream”, “Food Service” and “Flavours” customer segments will be further promoted. The existing collaboration between AGRANA Fruit and AUSTRIA Juice in product development will be intensified, for example by using AUSTRIA Juice’s flavour expertise for dairy products.
“AGRANA NEXT LEVEL is not just the name of our new strategy; it’s the philosophy for the future of our entire organisation. The strategy was developed by the AGRANA management team with the support of external expertise and the diligent work of an internal project team, to whom I’d like to express my sincere thanks. We’re taking many valuable things with us from our almost forty-year company history and we’re leaving some things behind us as we enter a new era. Knowing that we have a strong team of many outstanding colleagues, we’re confident that the transformation we’ve begun will be a success story and that we’ll continue to succeed as we chart our course into the future,” concludes CEO Stephan Büttner.
At its meeting on 1 December, the Supervisory Board of Symrise AG once again extended the contract of Chief Executive Officer Dr Heinz-Jürgen Bertram ahead of schedule. With his confirmation in office until the end of 2025, Symrise is preserving its customary continuity and long-term management approach. Dr Bertram will continue as CEO of Symrise AG for a further three years and will drive forward the profitable growth course of the Group.
“Dr Heinz-Jürgen Bertram has been leading Symrise AG confidently and successfully for more than ten years now. With his entrepreneurial vision, he has further diversified the product portfolio, tapped into high-growth markets and new customer groups, and most recently sovereignly steered the Group through the pandemic. Under his leadership, Symrise AG has developed into one of the 40 largest publicly listed companies in Germany. After 14 successful years in the MDAX, the Company was promoted to the DAX, Germany’s leading index, this year,” said Michael König, Chairman of the Supervisory Board. “This track record demonstrates once again that Dr Bertram enjoys a high level of trust on the capital market as well as among customers and employees. We are delighted to have won him over for another three years as CEO and to continue our successful and trusting cooperation in the upcoming years.”
By 2025 Symrise intends to drive forward its expansion in high-growth business areas as well as the further development of its own base of natural raw materials with targeted investments. The Company is targeting sales of € 5.5 to € 6 billion by 2025. Organic growth is expected to be between 5 and 7 %. With its favorable product mix and efficiency enhancements, Symrise aims to generate an EBITDA margin in the range of 20 to 23 %.
Dr Heinz-Jürgen Bertram (born in 1958), who has a doctorate in chemistry, has performed in various management functions at the Bayer Group, the Haarmann & Reimer Group and Symrise since 1985. Since 2003, he has held several senior positions with Symrise, and was appointed to the Executive Board in 2006. Since August 2009, he heads the Company’s business activities as CEO.
The Supervisory Board of AGRANA Beteiligungs-AG appointed Mr Markus Mühleisen, MBA, (54), to the position of CEO of AGRANA Beteiligungs-AG for a period of three years with effect from 1 June 2021. Originating from Düsseldorf (Germany), this manager succeeds Johann Marihart (70), whose mandate as CEO was extended by a period of three months and who will enter retirement on 31 May 2021. Mühleisen will be responsible for the areas of communication, strategy, human resources and business policy, among others.
For Chairman of the Supervisory Board, Erwin Hameseder, who oversaw the selection process for the new CEO, Markus Mühleisen has all the relevant qualifications and experience to lead the AGRANA Group: “I am delighted about the appointment of Markus Mühleisen. He has acted successfully in diverse management positions and has considerable international experience in the food and luxury food industry. Markus Mühleisen will ambitiously strive to continue the successful development of AGRANA.”
Markus Mühleisen has been active in the food and luxury food sector for more than 20 years, including positions at Nestlé, General Mills and, since 2018, at the international dairy group Arla Foods as its Group-Vice President. He has comprehensive international management experience, particularly in the areas of marketing and strategy. “The AGRANA Group is a strong, innovative and well positioned company with lots of potential. I am very much looking forward to writing the next chapter in the company’s success story alongside my fellow board members and the entire AGRANA team,” says Markus Mühleisen.
Johann Marihart (Photo: AGRANA)
At its meeting on January 29th, the Supervisory Board of AGRANA Beteiligungs-AG expressed its deep-felt appreciation to Johann Marihart for all his work as CEO over what has been nearly three decades. AGRANA Supervisory Board Chairman Hameseder: “The successful development of AGRANA has been closely linked to Johann Marihart. Under his leadership, AGRANA grew to become a successful international industrial player. Revenues have increased seven-fold during the Marihart era. Besides the successful expansion in Europe, one of his other major achievements has been establishing the Fruit Division. He was central to the Company establishing a further division for diversification purposes – a strategy which has paid off particularly during difficult economic times and one which makes AGRANA fit for the future.”
At its ordinary meeting following yesterday’s virtual Annual General Meeting, the Supervisory Board of Symrise AG elected Michael König (56) as its new Chairman. Michael König succeeds Dr. Winfried Steeger (70), who, as previously announced, is stepping down upon reaching the retirement age specified in the Supervisory Board’s Rules of Procedure. The Hildesheim District Court had appointed Michael König to the Supervisory Board, effective as of 15 January 2020, following the departure of Dr. Thomas Rabe. In addition, the Annual General Meeting elected Peter Vanacker (54) as a new member of the Supervisory Board.
Michael König, the new Chairman of the Supervisory Board of Symrise AG, said: “On behalf of the entire Supervisory Board I would like to thank Dr. Steeger for his commitment and the trusting working relationship. At the same time, we are pleased to welcome Peter Vanacker to the Supervisory Board. With his many years of management experience both in Germany and internationally, he represents an outstanding addition to our Supervisory Board.”
Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, added: “Over the past eight years, Dr. Steeger was always available to support the Management Board with his extensive knowledge and expertise. On behalf of the entire company, I would like to express my sincere thanks for the excellent cooperation. At the same time, I look forward to working with Michael König and Peter Vanacker. They have both built impressive track records during their successful careers in different industries. Their strong interest in the long-term development of businesses, with a special focus on innovation and sustainability, will greatly benefit our company.”
Michael König is the CEO of the publicly traded Elkem ASA, a leading global supplier of silicone-based high-performance materials based in Oslo. Prior to this, he spent four years as CEO of China National Bluestar, a supplier of new chemicals and animal nutrition products, and 25 years in various management roles in Germany and China with Bayer AG.
Peter Vanacker is the President and CEO of Neste Corporation, one of the world’s leading manufacturers of sustainable product solutions, such as renewable fuels for road and air transportation and renewable hydrocarbons for the chemical industry, headquartered in Finland.
Dr. Winfried Steeger was appointed to the Supervisory Board of Symrise AG in 2012 and served as its Chairman from August 2019 onward.
Refresco Group N.V. (Euronext: RFRG) announced it held an Extraordinary General Meeting (“EGM”) today to discuss and consider the recently announced offer to purchase all shares of the company by PAI Partners SAS (“PAI”) and Cubalibre Holdings Inc., being part of a group led by the British Columbia Investment Management Corporation (“bcIMC”), acting jointly through Sunshine Investments B.V. (the “Offeror”).
At the EGM all resolutions were approved: The conditional resolutions will take effect at the Settlement Date of the offer which is 29 March, unless extended.
Conditional Asset Sale and Liquidation
Conditional approval of the Asset Sale as required under article 2:107a of the Dutch Civil Code (the DCC).
Conditional resolution to dissolve the Company in accordance with article 2:19 of the DCC and appoint Refresco Holding B.V. as the custodian of the books and records of the Company in accordance with article 2:24 of the DCC.
Conditional corporate governance structure
Conditional amendment of the articles of association of the Company in order to effect conversion of the Company from a public limited liability company to a private limited liability company.
Conditional changes to the Supervisory Board
Mr. Jim Pittman has been conditionally appointed as member of the Supervisory Board. Mr. Pittman is a senior finance executive focused on private equity on behalf of pension funds.
Mr. Julian Remedios has been conditionally appointed as member of the Supervisory Board. Mr. Remedios is a Senior Portfolio Manager in the Private Equity Group of bcIMC.
Mr. Frédéric Stévenin has been conditionally appointed as member of the Supervisory Board. Mr. Stevenin is the partner in charge of the Food & Consumer and Healthcare sector teams and Chief Investment Officer at PAI.
Mr. Nicolas Brugère has been conditionally appointed as member of the Supervisory Board. Mr. Brugère is a member of the Consumer Goods team at PAI.
As per the Settlement Date, the composition of the Supervisory Board will be: Mr. Yiannis Petrides (Chairman), Mr. Theo de Kool, Mr. Jim Pittman, Mr. Julian Remedios, Mr. Frédéric Stévenin and Mr. Nicolas Brugère.
Additionally, the EGM adopted the resolution to conditionally grant a full and final discharge from liability to Mr. Aalt Dijkhuizen, Mr. Sean Gorvy, Mr. Thomas Kunz, Mrs. Inge Plochaet and Mr. Jon Sigurdsson as resigning members of the Supervisory Board for their functioning until the date of the EGM.
