STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Swedish Match (STO:SWMA) today announced its decision to reorganize its operating structure, by integrating its Scandinavia Division and Smokefree Products Division into a new streamlined Scandinavia Division. It has also announced a new Group Management Team (GMT) resulting from this reorganization.
- Smokefree Products Division to merge with Scandinavia Division.
- Joakim Tilly (previously CFO) appointed President of the new Scandinavia Division.
- Marlene Forsell (previously Vice President Group Reporting) appointed CFO of Swedish Match AB, with Tom Hayes (CFO US Division) to be acting Group CFO during Forsell’s current parental leave.
- Restructuring costs are currently estimated not to exceed 30 MSEK and will be booked during the third quarter of 2013.
The new division will have the full responsibility for the Scandinavian snus business as well as the global responsibility for the production of smokefree products with factories in Gothenburg and Kungälv in Sweden and in Owensboro, Kentucky, USA.
The new Group Management Team will now be composed of Lars Dahlgren (President and CEO), Marlene Forsell (SVP and CFO), Joakim Tilly (President Scandinavia Division), Lars Olof Löfman (SVP Product Supply and Marketing, Scandinavia Division), Fredrik Lagercrantz (SVP Business Control), Richard Flaherty (President, US Division), Fredrik Peyron (SVP Legal Affairs and General Counsel), and Emmett Harrison (SVP Corporate Communications and Sustainability).
“We are creating a more efficient organization - both in terms of number of resources and the way we work. With a new, fully integrated Scandinavia Division under one management, we are confident that we will reinforce a clear and common agenda and act with more power and speed”.
The character of this information is such that it shall be disclosed by Swedish Match AB (publ) in accordance with the Swedish Securities Markets Act. The information was disclosed to the media on 9 September, 2013 at 09.00 a.m. (CET).
Swedish Match develops, manufactures, and sells quality products with market-leading brands in the product areas Snus and snuff, Other tobacco products (cigars and chewing tobacco), and Lights (matches and lighters).Well known brands include General snus, Longhorn moist snuff, White Owl cigars, Red Man chewing tobacco, Fiat Lux matches, and Cricket lighters. The Group sells products across the globe, with production units in six countries. The Group’s global operations generated sales of 12,558 MSEK for the twelve month period ending June 30, 2013. The Swedish Match share is listed on NASDAQ OMX Stockholm (SWMA).
Swedish Match AB (publ), Box 7179, SE-103 88 Stockholm, Sweden Visiting address: Västra Trädgårdsgatan 15. Telephone: +46 8 658 0200 Corporate Identity Number: 556015-0756 www.swedishmatch.com
This information was brought to you by Cision http://news.cision.com