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Media Release
Chemical Specialities Limited
Incorporated in the Republic of South Africa
Registration number 2005/039947/06
Share code: CSP
ISIN: ZAE000109427
("Chemspec" or "the Company")
MEDIA RELEASE
ChemSpec announced today the appointment of Baron Schreuder as Chief
Executive Officer with effect from 1 January 2013.
Bruce Mackinnon the current CEO will continue in his CEO role until the
end of the year after which he will take up the role of Chief Operating
Officer. Similarly Jonathan Maehler who was performing the dual role of
Financial Director and COO will continue in this dual role until the end
of the year when he will hand over the COO role to Bruce Mackinnon and
will concentrate on the Financial Director’s role from 1 January 2013.
ChemSpec’s Chairman, Ivan Clark, said “both Bruce Mackinnon and Jonathan
Maehler have and continue to play key roles in the turnaround and growth
of ChemSpec as South Africa’s leading listed coatings company. Their
dedicated roles as COO and FD respectively are more conventional for a
large listed company and allow space for an already strong executive to
concentrate on key areas of the business which will need this concentrated
effort to achieve the strategic goals ChemSpec has set itself. He thanked
both of them for their efforts in a difficult turnaround period.”
Clark went on to say “it was a great step forward for ChemSpec as
Baron Schreuder is a coatings industry leader and his sales expertise as
well as his experience and respect in the industry will be of great value
to ChemSpec as it grew in status and size. We now have an extremely
strong executive team.”
Baron Schreuder joins ChemSpec from Plascon Paints where he was the Managing Director.
He said “I have had a long and enjoyable career at Plascon. I look forward
to the exciting challenge of heading up a coatings company which is
building from strength to strength both locally and internationally and
which has shown much entrepreneurship over the last year in re-
establishing itself as a leading force in the industry. I look forward to
working the whole ChemSpec team in growing it to new levels.”
Bruce Mackinnon said that he “had enjoyed the period as CEO in taking the
tough decisions to turn the company around to the successful company it is
today and welcomed Baron who would add value with his particular expertise
and knowledge of the coatings industry in South Africa.”
ChemSpec went on to announce the appointment of William Waller as head of
Industrial Sales. He previously was head of Industrial Sales at Plascon
Paints and Clark added, “We really welcome a top industry player to
ChemSpec as we grow our sales force with quality people who can provide
our growing customer base with both industry expertise and good service.”
William Waller said he “welcomed the opportunity to join ChemSpec as he
saw exciting opportunities for growth for both himself and the company in
the years ahead.”
Clark believes that these appointments were another major strategic
building block in ChemSpec’s growth in the coatings industry both locally
and internationally.
ChemSpec recently announced its interim results which showed a return to
profitability, a 30% surge in sales and a financially strong balance
sheet.
The announcement comes on top of various other strategic moves such as the
strengthening of its financial position, the introduction of the IDC as a
shareholder, partnerships with AkzoNobel, the world’s leading coatings
company, and Hesse a world leader in woodfinish as well as the Transocean
Group and its partnership with Mica and with the House of Paint franchise.
Clark believes that there are still some further strategic moves to be
made which will include expanding in the local decorative, auto refinish,
woodfinish and industrial coatings markets with new and existing brands,
as well as expansion of their international activities which already cover
the USA (including a manufacturing facility), Australia and Africa.
Its state-of-the-art production facility at Canelands in KwaZulu Natal
will provide the base for this expansion and as a South African company
will employ additional people and will provide them with technical, sales
and other industry training through a newly developed state-of-the-art
training facility.
Clark said, “we are South African and take seriously the employment and
training of South African people in a manufacturing industry which has
huge growth potential and which the government has encouraged with
incentive allowances and other financial incentives.”
Johannesburg
5 November 2012
Designated Advisor:
Grindrod Bank Limited
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