CMI FPE : new management appointed

Jean-Marc Kohlgruber, President CMI Industry and Chairman CMI FPE Ltd., announced appointment of Raman Madhok as Managing Director  of the company reporting to him, effective July 16, 2010, consequent to resignation of Rob Johnson, who is relocating back to USA after being Managing Director of the company since June, 2008.

Raman Madhok has been associated with the company as an Advisor to the Board for last two years and was the sole negotiator on behalf of promoters for the sale of Flat Products Equipments (I) Ltd., to CMI. His last assignment before venturing into consulting was as the CEO of Tradeline LLC Dubai.  He was also Joint Managing Director and CEO of JSW Steel for nearly five years in early part of this decade.

As an alumnus of IIT Delhi, XLRI Jamshedpur he has held leadership positions at Voltas, Taj Group of Hotels, Pfizer, etc and is a Chevening Scholar and an Eisenhower fellow.

Also announced is the appointment of Jean Gourp, Chief Operating Officer as the Deputy Managing Director of CMI FPE Ltd., effective immediately.  Jean Gourp was assigned to the company in June, 2008 and has come from CMI Stalproekt in Moscow where he was the Managing Director.  Jean Gourp has over last twenty years worked with Stein Heurtey in China, France and India, Schlumberger in Gabon and Aerospatiale in France.

As an engineer with a degree in Business Management from I.N.S.A. Toulouse and University of Surrey, UK, his experience is of significant value to the organization.

Jean-Marc Kohlgruber issued above announcements today during the meeting of Board of Directors. While adopting the accounts for the financial year ending March, 2010, he showed his satisfaction with the various steps taken by company personnel to rationalize manufacturing processes through value engineering which contributed immensely to the superb results of the company.

• Net Sales are down by 15% at Rs.387.22 Crores but PBT is up by 146% at Rs.43.15 Crores.
• PAT is up by more than 10 times from Rs.2.68 Crores when compared to last FY 2008-2009 to Rs.27.29 Crores in the year 2009-2010
• EPS is up by 10 times from Rs.5.42 in the year 2008-2009 to Rs.55.26 in the year 2009-2010

The Board has recommended a dividend of Rs. 10 per equity share for the year ended March 31, 2010 subject to approval of shareholders at the Annual General Meeting.

About CMI Group:

CMI Group a € 735 Million company based in Belgium designs, modernizes and overhauls equipment for energy, defence, steel-making and other general industry markets.  Its aim is to improve the economic, technical and environmental performance of industrial equipment throughout their lifecycle.  CMI is able to offer its customers a wide range of benefits thanks to a unique combination of engineering and maintenance expertise, a vast geographic and technological scope, and a capacity for innovation centered on the everyday requirements of its customers.

CMI Press contacts:

India  : raman.madhok@cmifpe.com  +91 22 66762708

Rest of the world:

General and economic press :
brigitte.coppens@cmigroupe.com  +32 475 30 22 98
Specialist press :
manuel.romero@cmigroupe.com  + 32 475 30 28 80

Download the Press Release dated May 20th, 2010 (.PDF)