PEINE with new management board
Wilhelmshaven, Germany. The German clothing manufacturer Peine, well known for the brands Barutti and Masterhand, has got a new CEO.
With Ben Zhang (36), now a member of the Chinese Shandong Ruyi Technology Group shoulders the responsibility for the German company. The Chinese group has acquired 51 percent of the shares in the company in January. Ben Zhang will implement the strategic targets of the chief partner and he will take the responsibility for the finances.
Ben Zhang is represented in the Ruyi’s management since 15 years and he assumes the function of the CEO from Jan D. Leuze. Leuze as the second-largest shareholder will keep his shares in the company and will continue to support the company. Leuze: “After acquiring one of the worldwide biggest textiles group as a shareholder for the Peine Company, I can calmly hand over the responsibility. Ruyi is standing behind Peine with a hard letter of comfort, so I can concentrate on my other investments now.” Jan D. Leuze is shareholder of Peine since March 2013 and he has initiated the deal with Ruyi end of the last year. The Chinese group has a turnover of about $5bn and 60,000 employees worldwide. Leuze: “The Joint Venture with Ruyi is the best prerequisite for a stable and dynamic growth of Peine.”
Further changings in the management structure are not provided. Shandong Ruyi emphasized that Peine retains its operational independence while Ruyi strengthens Peine with financial power. The hard letter of comfort from June 2014 will guarantee the payment of all current and future liabilities.
Even in the future the Peine production focus will still be in Europe. The two brands Barutti and Masterhand can concentrate on their core competences as there are quality, reliability, excellent fit and price-performance ratio, say company sources.