Kion Overhauls Management Structure as It Expects Record 2014Alessandro Speciale and Alex Webb
Kion Group AG, the world’s second-biggest forklift-maker, expects record results in 2014 as it overhauls its management structure.
Kion “is expecting record results for 2014 that will fulfill its ambitious guidance,” Supervisory Board Chairman John Feldmann said in a statement today.
Chief Executive Officer Gordon Riske will assume direct oversight of subsidiaries Linde Material Handling GmbH and STILL GmbH. Bert-Jan Knoef and Theodor Maurer, the previous CEOs of the two companies, are leaving the company at their own request, the company said.
Kion’s development plan aims to “being able to make decisions faster,” Riske said. “We are looking to further improve our cost and competitive position and to accelerate growth in all markets - including our European home market.”
Goldman Sachs Group Inc. and KKR & Co. bought Wiesbaden, Germany-based Kion from industrial gas-maker Linde AG for 4 billion euros ($4.7 billion) in 2006. Goldman and KKR have been reducing their stake in Kion since its initial public offering in June 2013.
Weichai Power Co., China’s biggest maker of heavy-duty trucks, acquired effective control of the German company a year later when the two American investors reduced their combined stake.
Kion shares have gained 30 percent since they were listed, valuing the company at 3 billion euros.