Preh German management team acquired Interest in Preh
(2013/09/04): Ningbo/Bad Neustadt The management of Preh GmbH has acquired a shareholding of app. 2% in the Preh Group from the parent company Joyson Electronics, Ningbo (China). Along with the five managing directors, 24 second-level managers (directorsmanaging directors of international branches) acquired a stake in Preh. This share acquisition by the firstsecond leadership level signals two things: it is clear proof of the trust of Preh‘s Chinese majority shareholder Jeff Wang in the managementteam. And, with their share acquisition, the Preh executives have committed even more strongly to the company, underscoring their conviction that they can achieve their ambitious growth targets with Preh.
Commenting the participation of the management in Preh, Joyson foundermajority shareholder Jeff Wang said: “We already said when we took over Preh two years ago that we aimed for the highest level of continuity for cus-tomersemployees. Due to the continued successful development of Preh, the participation of the firstsecond level management is in my view con-sistentlogical. With this mutual commitment, we will write a sustained history of successful growth.”
Within the Joyson Group, Preh represents the AutomotiveElectronics division which accounted for roughly two thirds of group turnover with sales of more than 460 million EUR in 2012. Preh carries correspondingly high weight within the automotive activities of Joyson.
Alongside its automotive activities, the Joyson Group, Ningbo (China), also comprises a real estate division. In the automotive segment, the group re-corded total sales of 680 million EUR in 2012 with some 6,000 employees. Its automotive activities are combined in the listed company Joyson Electron-ics(600699:Shanghai)which consists of the divisions Automotive Electronics (Preh)Automotive Components (Joyson). The automotive supplier Joyson was founded in 2004, while Preh, founded in 1919, has a history spanning almost a century. The majority takeover of Preh took place in 2011,Preh has been a fully owned subsidiary of Joyson Electronics since year-end 2012.