"To maintain SGM as the absolute leader of intelligent LED light, further investments were needed. After a period of disagreement between shareholders about the future capital structure, the board of directors had no other option than to apply for a proceeding aiming to restructure the company. On 9 November at 18:00, SGM was completely re-established with its new shareholder and capital. The management ascertains that SGM will continue as before without any changes - and stronger than ever."
The company says that all elements of its business remain unchanged, and that the entire team, the worldwide distributor network and all warranty commitments remain identical to before the restructure. "What changes substantially in SGM is the financial strength," the company says.
The new ownership relates to investment company, Eurofinim, whose CEO, Paolo Covre, wants to carry on SGM in the spirit created by Peter Johansen and ensures so by Peter Johansen's continued role as CEO of SGM. Covre states: "I have followed SGM from the side-lines for quite some time, and I find the company's visions both sensational and impressive with regards to its scope, high pace and innovative solutions. This is the kind of company I trust and I am honoured to be a part of, and it just needed a financial injection to continue and enhance its growth."
Peter Johansen is very positive towards the new investor's wishes for SGM's future. "Paolo and I share many viewpoints and I am sure he will become a great asset for SGM. I am happy to have him on board. SGM is now stronger and more motivated than ever before. We will continue our growth, developing the innovative products we believe in. We are confident that the misleading rumours we have unfortunately incurred into will be immediately disregarded," says Johansen.
(Lee Baldock)
