Aebi Schmidt Group completes acquisition of industry-leading truck and trailer equipment company Monroe Truck Equipment
CH-Frauenfeld, December 16, 2021 – Aebi Schmidt Group, a global leader of intelligent solutions for the treatment of mission critical infrastructure areas and demanding terrain, has completed its recently announced acquisition of Monroe Truck Equipment from Industrial Opportunity Partners following receipt of regulatory approval.
Wisconsin, U.S.-based Monroe is an industry-leading truck and trailer equipment platform with around USD 270 million (approx. EUR 240 million) in annual revenue. As a result of the transaction, the combined revenue base for Aebi Schmidt thus reaches around EUR 750 million, and the Group expects the acquisition to be accretive to profitability from 2022. The addition of Monroe will significantly strengthen Aebi Schmidt’s market position in the U.S. and globally.
Peter Spuhler, Chairman of Aebi Schmidt Group, said: “We are extremely pleased about the acquisition of Monroe, which provides us with a significantly enhanced basis for further growth. Monroe is a fantastic brand and will strengthen our important winter business in particular. At the same time, we will benefit from their state-of-the-art upfitting centers and nationwide distribution network, which will give us unparalleled access to services, solutions and cross-selling opportunities with new and existing customers.”
Aebi Schmidt will take over all of Monroe’s more than 900 employees, resulting in a total of around 3,000 staff for the Group. Monroe will continue to be run by its current management.
Aebi Schmidt Group acquires Monroe Truck Equipment
Aebi Schmidt Group, a global leader of intelligent solutions for the treatment of mission critical infrastructure areas and demanding terrain, today announced an agreement to acquire Monroe Truck Equipment from its current owner Industrial Opportunity Partners. Wisconsin, U.S.-based Monroe is an industry-leading truck and trailer equipment platform with around USD 270 million (approx. EUR 240 million) in annual revenue. The addition of Monroe will significantly strengthen Aebi Schmidt’s market position in the U.S. and globally, boosting the Group’s prospects for future growth.
Founded in 1958, Monroe Truck Equipment is an industry-leading manufacturer, upfitter and distributor of truck and trailer equipment for the municipal and commercial markets, including a strong snow and ice business. Building on its 60 years of industry experience, Monroe offers unrivalled custom engineering, product customization and all-around support for every truck equipment needs.
Commenting on the transaction, Aebi Schmidt Chairman Peter Spuhler said: “With a combined revenue base of around EUR 750 million, the acquisition of Monroe creates a completely new starting position for the further growth of Aebi Schmidt. We expect Monroe to be accretive to Group profitability from 2022. Adding this strong U.S. player to the Group, we are at the same time significantly improving the geographical diversification of our earnings.”
"Monroe has an extremely strong brand and outstanding professionals, and we are very much looking forward to welcoming the Monroe team to the Aebi Schmidt family. This acquisition opens up exciting new business areas for us and will also strengthen our important winter business in particular," added Barend Fruithof, Aebi Schmidt CEO.
In addition to complementary business activities, Aebi Schmidt will benefit from Monroe’s state-of-the-art upfitting centers and nationwide distribution network, which provide unparalleled access to services, solutions and cross-selling opportunities with new and existing customers in the U.S. Monroe will in turn be able to benefit from Aebi Schmidt’s global capabilities and integrate resources such as its European winter road maintenance or sweeping technology into its operations.
Andy Weller, Chairman of Monroe Truck Equipment stated: “At Monroe, we see ourselves as a team of problem solvers dedicated to help our industry advance. That's why Aebi Schmidt is the best owner to take Monroe even further: Not only will there be a wealth of new business opportunities, but we also share common values and put our customers first. I’m convinced Monroe will be very well positioned to continue its track record of strong growth.”
Upon completion of the transaction, which is expected on or about the end of 2021 pending regulatory approval, Aebi Schmidt will take over all of Monroe’s more than 900 employees, resulting in a total of around 3,000 staff for the Group. Monroe will continue to be run by existing management.
The Aebi Schmidt Group ends the 2020 financial year with good results – despite difficult circumstances
The Aebi Schmidt Group reports good annual results for 2020 – especially in terms of profitability. While its turnover of EUR 466 million was 9% below the previous year (EUR 516 million), the operating profit was at almost the same level as the previous year – a satisfactory performance given the economic situation. The Group ended the 2020 financial year with a higher net profit than the previous year. Globally, the Aebi Schmidt Group maintained its market share and in some countries even expanded it.
The Aebi Schmidt Group had a good financial year in 2020 with very good profitability in spite of the pandemic, a winter with little snow and the lockdown. Thanks to a robust supply chain and a high degree of day-to-day flexibility the Group generated a turnover of EUR 466 million and an operating profit that was almost at the same level as the previous year.
Barend Fruithof, CEO of the Aebi Schmidt Group: «Given the difficult circumstances, 2020 was a good to very good financial year for us. Key drivers for our success were our business in Italy and the airport sector in North America. I am proud of our employees. Thanks to their flexibility, solidarity and commitment, we managed to deal successfully with a year marked by the coronavirus.»
Investment in new markets and expansion in North America
Growth remains the strategic ambition of the Aebi Schmidt Group. In February 2020, the Group acquired Finnish company Arctic Machine Oy. This acquisition makes the Group the market leader in Finland and strengthens its position in Scandinavia, the Baltic region and Russia. Arctic Machine is a leading manufacturer of vehicles and equipment for the year-round maintenance of streets and airports, with a clear focus on intelligent mobility and digital transport solutions – an ideal addition to our product portfolio.
With the takeover of the Canadian manufacturer of winter service equipment, ELP, in September 2020 the Aebi Schmidt Group also strengthened its presence in Canada, particularly in the municipal sector. ELP will serve as the hub for the Canadian market and will enable the Group to provide better after-sales service in addition to expanding the product portfolio. This brings the Aebi Schmidt Group another step closer to its strategic goal of establishing itself as technology leader in North America.
Work started on the construction of a new production hall at the plant in Chilton (Wisconsin) in August 2020. The 6,500 m2 expansion will increase capacity in the airport division and create space for the manufacture of new products. Construction will be completed by mid-2021 and represents the largest individual investment in a plant for many years.
Autonomous driving at airports
The Aebi Schmidt Group has reached a milestone in autonomous driving concepts for airports: The first of a total of three steps in its solution, the driver assistance system, successfully completed the acceptance process. Barend Fruithof: «We are hard at work on the next step towards autonomous driving at airports as we believe in a strong backlog and increasing demand in this area as soon as the situation eases.»
The Aebi Schmidt Group will publish its 2020 Annual Report at the end of April 2021.
The Aebi Schmidt Group strengthens its market position in North America
The Swiss-based Aebi Schmidt Group has acquired the leading Canadian manufacturer of winter maintenance equipment, Equipements Lourds Papineau Inc. (ELP). This acquisition further strengthens the Aebi Schmidt Group’s market position/presence in North America.
Equipments Lourds Papineau Inc. (ELP) is a leading manufacturer of heavy automotive equipment and attachments for snow removal and road maintenance. Headquartered in Saint-André-Avellin, Quebec, Canada, the company looks back on a history of over 20 years and has established its reputation as a provider of sophisticated technical solutions of high quality. For the Aebi Schmidt Group, this acquisition represents an ideal addition to the product portfolio and the expansion of its position in North America. Specifically, with ELP, the Aebi Schmidt Group now covers an important market segment in which the Group has had limited presence up to now.
"ELP fits perfectly into our Group," says Barend Fruithof, CEO of the Aebi Schmidt Group. "The company is strongly positioned and operates successfully, and it has a strong focus on customer needs. Additionally, ELP gives us direct market access to customers in Canada, which we have served only indirectly so far. These are all central components of our growth strategy".
For the time being, ELP will continue to operate as an independent brand, under its current management and with its complete existing workforce. The CEO of ELP, Jean-Francois Hotte, is convinced: "As part of the Aebi Schmidt Group, ELP can further develop and grow. With the huge product range and the full-service approach of the Aebi Schmidt Group, we can serve our customers in Canada even better and more comprehensively."
The acquisition has been closed; the terms of the agreement remain confidential.
The Aebi Schmidt Group strengthens its market position in Northern Europe
The Swiss-based Aebi Schmidt Group has acquired the leading Finnish manufacturer of road maintenance vehicles and equipment, Arctic Machine Oy. This acquisition further strengthens Aebi Schmidt Group's market position in Northern and Eastern Europe.
Arctic Machine Oy is a leading manufacturer of vehicles and equipment for the year-round maintenance of roads and airports, with a clear focus on smart mobility and digital transport solutions.
The company, headquartered in Jyväskylä, looks back at a history of over 80 years and has evolved over the past decade from being an equipment manufacturer to a full-range provider of intelligent solutions for road maintenance. Arctic Machine Oy realizes a large portion of its sales outside Finland and has a strong presence in Scandinavia, Baltic States and Russia. For the Aebi Schmidt Group, this acquisition provides an ideal complement to its product portfolio and the expansion of its presence in the Northern and Eastern European market.
"The strong and profitable growth of Arctic Machine Oy shows that the company is focused on the needs of its customers and has thus developed from being a manufacturer to a complete service provider", says Barend Fruithof, CEO of the Aebi Schmidt Group. "This is exactly the path that the Aebi Schmidt Group has taken and is another reason why Arctic Machine Oy is a perfect fit for us".
Arctic Machine Oy will continue to operate as an independent brand, under its current management and with its existing workforce. The CEO of Arctic Machine, Juha Jääskelä, is convinced, "As part of the Aebi Schmidt Group, Arctic Machine Oy has the possibility to expand its solutions and competencies to new markets as well as to extend Aebi Schmidt Group’s offering for existing customers in existing markets. The current owners of Arctic Machine look forward to see the story of Arctic Machine as high end solution provider to continue under a new ownership.”
The Aebi Schmidt Group ends the 2018 financial year successfully – and launches new branding
The ASH Group is now called the Aebi Schmidt Group. The company has been operating under the new group name and with unified product logos for its individual brands since March 2019. The new brand identity highlights the ambitious growth plans that the Aebi Schmidt Group is pursuing. In the 2018 financial year, the Group showed substantial growth and increased profitability with sales rising to well over EUR 400 million.
The Aebi Schmidt Group ended the 2018 financial year successfully and recorded encouraging growth with improved profitability. The Group also further strengthened its market position through the acquisition of M-B Companies in July 2018, the leading US manufacturer of snow removal and cleaning machines in the airport sector.
In 2018, order intake increased by 20% compared to the previous year, 9% of which was due to organic growth. The Group’s sales rose by 8% to well over EUR 400 million, which is the first time they had exceeded this mark. The after-sales business also developed well, growing by 5%.
Barend Fruithof, CEO of the Aebi Schmidt Group: “The Aebi Schmidt Group had a successful 2018, and we have also started the current year well, which is very encouraging. Our production facilities are running at full speed and market demand is good, particularly in the airport sector.”
The Aebi Schmidt Group will publish its 2018 Annual Report at the end of April.
In the medium-term, the Aebi Schmidt Group has set itself some ambitious goals. It wants to be among the top three companies in Europe in each of its four business areas (winter maintenance, summer maintenance, agriculture and airport) and further consolidate its global leading position in the airport sector. It also aspires to become a market leader in the area of additional services.
The market is becoming increasingly consolidated and the company is actively contributing to this process. It will continue to seize opportunities and chances to take over suitable businesses in future. Last year, the acquisition of M-B Companies saw the Aebi Schmidt Group entering the North American airport market, further strengthening its position as the global market leader in this sector.
M-B Companies is already well-integrated in the Aebi Schmidt Group. The major Beijing Daxing International Airport contract announced in October 2018 marks an initial joint success with M-B Companies. The Aebi Schmidt Group is supplying various Schmidt and M-B Companies cleaning machines to the new airport until June 2019.
Another sign of the Aebi Schmidt Group’s growth trend is the takeover concluded at the end of March 2019 of the City Ranger 3500 and City Ranger 3570 from the Danish Nilfisk Group, including all associated rights. For the Aebi Schmidt Group, this closes a key gap in its product portfolio and strengthens its production site in Germany.
This year, the Aebi Schmidt Group wants to grow even more and increase its profitability. The acquired M-B Companies will play its part in this. This is already evident in the first quarter of 2019, which ended with significantly higher growth.
New umbrella brand and product logos
The Aebi Schmidt Group is an alliance of traditional brands that hold a leading position in their respective markets. However, the brand environment, which has grown over time, has become complicated and unwieldy. It also no longer adequately reflects the strong market position that the Aebi Schmidt Group has developed as a whole with its individual brands, and is something that it wants to further consolidate. The brand structure has therefore been simplified and unified. The individual product brands remain under the umbrella of the Aebi Schmidt Group, and clearly display their connection to the Group.
The new brand identity has been gradually rolled out since March. For customers and business partners, nothing changes – the organizational structure of the Aebi Schmidt Group and its contacts remain the same. Further information about the new brand identity is available on the Aebi Schmidt Group website at: https://www.aebi-schmidt.com/en/brands
CEO Barend Fruithof: “Our new brand identity will support our ambitions for growth. It shows that the Aebi Schmidt Group has strong products and brands and that as a Group we are even stronger.”
Aebi Schmidt consolidates its market position in the sweeper business
Aebi Schmidt Holding (ASH), a Switzerland-based leading provider of product systems and services for the cleaning and maintenance of traffic areas and green spaces, will take over the City Ranger 3500 and City Ranger 3570 sweepers from Denmark’s Nilfisk Group, along with all associated rights, as of March 31, 2019. With this acquisition, the ASH Group will expand its product portfolio in line with its strategy and strengthen its German production site in St. Blasien.
The Nilfisk Group is one of the world’s leading suppliers of professional cleaning equipment and services for both indoor and outdoor usage. The City Ranger sweeper is an efficient and flexible machine for street cleaning.
Peter Spuhler, Chairman of the Board of Directors at Aebi Schmidt Holding: “This acquisition is another important step in the implementation of our product strategy. It closes a key gap in our sweeper range, and we can now offer our customers a complete spectrum of sweeper sizes.”
The transaction is expected be concluded in the form of an asset deal as of March 31, 2019. The parties agreed not to disclose the conditions.
“The ASH Group brings wide-ranging industry experience combined with a global network. We are therefore confident that the change of ownership of both sweeper models is in the best interest of our customers who are getting a reliable and competent partner – and at the same time it allows us to focus on our central business”, says Jakob Kjærgaard, Senior Vice President and Head of Outdoor Division at Nilfisk Group.
Strengthening the production site in Germany
From April 2019, the Aebi Schmidt sales and service network will be responsible for spare parts and servicing of the City Ranger 3500 and City Ranger 3570. The production of the City Ranger 3570 will be transferred to the German site in St. Blasien, where production is due to begin in the third quarter of 2019. As well as transferring production to Germany, the sweeper will be developed further and marketed under the Schmidt brand.
Barend Fruithof, CEO of Aebi Schmidt Holding: “This acquisition is a meaningful addition to our product portfolio and a substantial boost to our production site in Germany.”
Fantastic views – the smallest transporter makes it big
The new Aebi TP410, which will be presented at the AGRAMA agricultural technology exhibition in Bern from 29 November to 3 December, finally completes the Aebi family of transporters. The successor to the TP48P impresses with its Kubota turbo diesel engine, the lowest tare weight in its class, outstanding manoeuvrability and Aebi’s customary simple operation. Of course, the TP410 also provides the highest level of operational safety and is at home on any terrain – in other words, it’s a typical Aebi transporter. Two further highlights at the Aebi stand will be the exclusive autograph session with Matthias Sempach and the appearance of the ESAF edition Aebi TT211 with its edelweiss design.
At the heart of the Aebi transporter is the new 3.3 l Kubota turbo diesel engine. Its exceptional torque rise is truly impressive and enables extremely powerful performance. The new generation of engines are quieter and more economical than previous versions and also comply with the Level V emission regulations. This means that the Aebi TP410 is not only economically beneficial for farmers, but is also attractive from an environmental point of view.
Using the Aebi TP410, it is possible to work practically and with great care. In addition to good acceleration, having the lowest tare weight in its class also enables optimal ground protection. As new features, the hand throttle can now also be switched on electronically with ease, and the speed adjusted at the touch of a button. The new dual circuit operating hydraulics with a separate oil tank also improve its ability to work using auxiliary equipment, making the TP410 even more versatile. All of the existing attachments are, of course, also compatible with the new model.
Modern and easy to use
Thanks to its new-look modern glass doors, the panoramic cab provides the best view in every direction, but its interior has also been upgraded. The modernised instruments with integrated display give the driver a perfect overview of the most important functions. Inside the cab, there is now a new steering column, which is adjustable for height and angle, a mobile phone holder, a 12V socket and an optional DAB+ radio. The levers and controls for the power take-off shaft, gears and hydraulics are practically positioned and extremely easy to operate, all true to the motto – just get in and go!
Work worry-free on any terrain
It goes without saying that the Aebi TP410 has extreme off-road capability and provides operational safety in every situation. The permanent four-wheel drive, combined with the 100% lockable front, rear and longitudinal axles, ensure sufficient traction on any terrain. In addition, the torsion of the front and rear parts of the vehicle and the optional skew suppression ensure maximum stability and safety on extreme inclines. With its new dual-circuit brake system (disc brakes at the front, drum brakes at the rear), new battery isolation switch and reinforced cab, the TP410 also easily meets all the latest safety standards. Work with the TP410 worry-free on any terrain.
In the TP410, Aebi has created an impressive vehicle which completes its family of transporters and which has carried over and benefited from many of the technologies included in the TP420 and VT450Vario models. Small-scale farmers can now also look forward to owning a transporter which impresses with its high-performance engine, lowest tare weight, best manoeuvrability and simplest operation.
Autograph session with Matthias Sempach at the Agrama exhibition
On 1 December from 1:00 pm – 2:00 pm, Matthias Sempach will be signing autographs on the Aebi stand, Hall 2.2, C003. Everyone is warmly invited to visit us.
ESAF edition: Aebi TT211 with unique extras
Two ESAF tickets, entry to the Aebi VIP tent, attractive optional extras and an exclusive special vehicle wrap: the ESAF edition Aebi Terratrac TT211 offers many attractive extras and impressive universal usage possibilities.
Whether it is needed for mowing, for a range of maintenance work on green spaces, or for winter servicing work such as snow-clearing – the compact Aebi TT211 is ready for action all year round. At the same time, thanks to weight compensation, the simultaneous operation of the front and rear units causes minimal damage to the ground. All the attachments can be added quickly and without using tools. The four steering modes, which can be selected at the touch of a button, ensure precision when working. Thanks to the stepless hydrostatic drive, working on steep slopes is child’s play. The ergonomically designed cockpit impresses with its simple operation and comfortable working environment.
Numerous optional extras are available as part of the ESAF package, such as a comfortable air suspension seat, two rear working lights, a tilt indicator on the display and an extended two-year guarantee. Anyone interested in further information about the TT211 and the ESAF edition should contact their local Aebi dealer.
Anyone who visits the Aebi stand will get the chance to win two tickets for the Swiss Wrestling and Alpine Festival 2019 in Zug. Taking part is really easy: just take a photo in front of the screen, share it on Instagram or Facebook using the hashtag #aebischwingt, then cross your fingers and hope for the best.
Beijing’s major new airport is putting its trust in cleaning machines from the Swiss Aebi Schmidt Group
Aebi Schmidt Holding AG, a Switzerland-based leading provider of products and services for the cleaning and maintenance of traffic areas and green spaces, will supply Beijing Daxing International Airport with a total of 34 cleaning machines by June 2019. The contract highlights the ASH Group’s ambitious growth plans in the international airport sector.
In the future, machines from the ASH Group will also be in use at the major new Beijing Daxing International Airport. The ASH Group has been awarded the contract to supply various cleaning machines from the Schmidt brand and the recently acquired M-B Companies through to June 2019.
The order includes 14 Schmidt jet sweepers, which are characterized by a wide clearing path and high operating speed, that will be used to keep the runways and taxiways clear of snow and ice. These will be complemented by four high-speed sweepers from the Schmidt brand for cleaning operating and traffic areas in both summer and winter. Aebi Schmidt will also deliver 16 machines from the M-B brand, which are highly maneuverable thanks to a brush on the front and a fan at the rear.
“A huge honor for Aebi Schmidt”
The machines ordered will be produced at the German factory in St. Blasien and in Wisconsin in the US. Barend Fruithof, CEO of Aebi Schmidt Holding, says: “We’re very proud that Beijing Daxing International Airport is making use of Aebi Schmidt’s machines. It’s a real honor for us. The order affirms our ambition to continue our expansion in the global airport sector.”
Successful start with M-B Companies
The contract for Beijing Daxing International Airport is an excellent reference for the Asian market, which has huge potential for growth. The ASH Group’s success with the contract also shows how well the products of M-B Companies, acquired in July 2018, complement Aebi Schmidt’s machines. M-B Companies is the leading US manufacturer of snow removal and cleaning machines in the airport sector.
“This is the first joint business deal since the acquisition of M-B Companies,” says Barend Fruithof. “We are delighted to have achieved this so soon after the merger. It will motivate us to continue our expansion in the airport sector together with M-B Companies.”
Gerhard Neudorfer becomes CCO Sales Europe and member of the Aebi Schmidt Group’s Management Board
Gerhard Neudorfer has been appointed CCO Sales Europe and a member of Aebi Schmidt Holding’s Management Board as of October 1, 2018. He will succeed Christian Stryffeler, who has decided to leave the company.
Gerhard Neudorfer, 52, will take over the role of Chief Commercial Officer Sales Europe and become a member of Aebi Schmidt Holding’s Management Board as of October 1, 2018. In this role, he will manage European sales activities from Switzerland. Gerhard Neudorfer succeeds Christian Stryffeler, who has decided to leave the company to pursue a new challenge.
Gerhard Neudorfer is a seasoned specialist with many years of strategic and operational experience in management roles. Hailing from Austria, he has worked in the industry for more than 25 years and is adept at leading international sales organizations. From 2014, he was Chief Executive Officer of Optimus Consulting, a consulting agency specializing in construction, agricultural and municipal machinery. From 2011 to 2014, he was Chief Executive Officer of Linde Fördertechnik, headquartered in Linz, before which he served in various management roles at Wacker Nelson in Germany and Austria.
Barend Fruithof, CEO of Aebi Schmidt Holding: “I look forward to working together with Gerhard Neudorfer in his role as CCO Sales Europe and am certain that, with his experience and expertise, he will continue to successfully develop this key strategic area. I would like to thank Christian Stryffeler for his valuable contribution to our company and wish him all the best for the future.”
Aebi Schmidt Germany is among the innovation leaders 2018
For the 25th time, the TOP 100 competition selects the most innovative companies in German SMEs. One of these innovation leaders this year is Aebi Schmidt Germany. This is the result of the analysis of the scientific director of TOP 100, Prof. Dr. med. Nikolaus Franke. In the independent selection process, Aebi Schmidt convinced in particular with the organization of its innovative processes.
Aebi Schmidt has strengthened its position in the North American and global airport sector
Aebi Schmidt Holding AG has acquired M-B Companies, a leading US manufacturer of snow removal and cleaning machines in the airport sector. The Aebi Schmidt Group has thereby gained a foothold in the North American airport market and expanded its global position in this sector.
More information can be found in the media release of 3 July 2018.
Walter T. Vogel resigns as Chairman
Change in the chair of the board of directors of ASH Group: Walter T. Vogel who led ASH Group between 2007 and 2015 as CEO and who was chairman of the board since 2015 resigns from this position as of December 31, 2017.
Main shareholder Peter Spuhler will lead the board of directors from January 1, 2018.
«I express my sincere thanks to Walter Vogel for his valuable commitment to the company during these ten years. As a reliable and extremely efficient performer he has successfully realized the merger between Aebi and Schmidt and has led the company to market leadership in the municipal, airport and agricultural segments in a highly demanding economic environment», declares Peter Spuhler, who was, as majority shareholder, already a member of the board of directors. During Walter Vogel’s period as CEO the strategically important acquisition in the USA could be realized which allowed the group to successfully gain a foothold in the North American airport market.
During the last two years the graduated mechanical engineer (ETHZ) has successfully realized a generation change in the operational management of the company. «The 10 years during which I was privileged to lead the ASH group were an extremely exciting challenge. I sincerely thank the whole team for the fruitful cooperation and Peter Spuhler for his trust and outstanding support. In the future I will now concentrate on my assignments as chairman of Skyguide and St. Gallisch-Appenzellische Kraftwerke as well as on my board mandate with Kardex», says Walter Vogel.
Thomas Schenkirsch to become new CFO of ASH Group
Thomas Schenkirsch will become the new CFO of the ASH Group. With effect from 1 April 2017, he will take over as the CFO of the ASH Group from Reto Huser, who is leaving the ASH Group at his own request.
Reto Huser has decided to leave the ASH Group for personal reasons. “We thank Mr Huser for his great commitment and valuable contributions during his short stay with our company”, says Barend Fruithof, CEO of the ASH Group.
With Thomas Schenkirsch taking over as the new CFO of the ASH Group, we have found a successor for this key position from within our own ranks. Thomas Schenkirsch has been working for the ASH Group as Director Group Controlling for as many as nine years and successfully served as the interim CFO from June 2016 to February 2017. During his previous time at the ASH Group, he contributed to the development of the companies Aebi and Schmidt, merged to the ASH Group in 2007. At the beginning of his work, his main focus was the reorganization of the ASH Group with the introduction of reporting, systems and processes, whereas in the last years he significantly contributed to the various acquisition projects. Thomas Schenkirsch holds a degree in business administration. Before starting to work for the ASH Group, he gained extensive experience in various functions at Von Roll Management AG in Switzerland as well as at PerkinElmer in Switzerland and at various locations abroad.
“We are convinced that this experience also gives Thomas Schenkirsch the perfect qualifications to greatly contribute to achieving our objectives in his capacity as CFO”, says Barend Fruithof, CEO of the ASH Group.
Barend Fruithof appointed as new CEO of the ASH Group
As of 1 March 2017, Barend Fruithof will take over the role of CEO of the ASH Group. He follows Stefan Heiniger who has decided to leave the company after one year and a half. Stefan Heiniger, CEO of ASH Group, has decided to leave the company.
Different opinions about necessary implementation steps required for the strategic further development led to this decision. The Board of Directors appreciates Stefan Heiniger’s high personal commitment and his contributions and wishes him all the best and much success for his future.
As of 1st March 2017, the Board of Directors appointed Barend Fruithof as new CEO. Barend Fruithof is a skilled farmer and holds a degree as Executive MBA of the University of St. Gallen. He began his professional career in agricultural enterprises before he completed a successful career in the banking sector. In addition to further management functions, he worked for Raiffeisen Switzerland as financial officer and was head of the Credit Suisse's corporate banking business for seven years.
Chairman of the Board of Directors, Walter T. Vogel: "We are delighted to win Barend Fruithof who is a charismatic leader with a wide range of experience. He is familiar with key aspects of our target markets and brings a high degree of financial knowledge. In addition, he understands how to motivate employees, to respond to customer needs and to position business in a changing environment.”
Barend Fruithof is 50 years old and Swiss citizen.