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| Exchange Disseminated Time | Camlin Ltd has informed BSE that the Company has reconstituted its Board by appointing Directors from its Japanese Joint Venture Partners, KOKUYO S&T Co. Ltd.
Announcement:
"On October 19, 2011 Camlin Limited has reconstituted its Board by appointing Directors from its Japanese Joint Venture Partners, KOKUYO S&T Co. Ltd.
It may be recalled, on May 30, 2011 Camlin and KOKUYO S&T Co. Ltd. (consolidated subsidiary of Kokuyo Ltd) had announced a Joint Venture Agreement and had commenced the procedure for acquisition of Camlin shares. KOKUYO S&T Co. Ltd now holds 50.74% of the paid-up equity share capital of the joint venture company.
The Board of Directors of Camlin Limited, at a meeting on October 19, 2011 adopted a resolution on the new management and company name, alongwith the new corporate logo. The company will now be re-christened as 'KOKUYO CAMLIN Ltd'.
The new Board consists of members from both Joint Venture partners (Kokuyo S&T and Dandekar Family Promoters) and new Independent Directors.
The Company has also announced a new and progressive management structure, whose objective is to maintain on one hand the core strengths of Camlin operations, at the same time, develop a more cohesive value chain that puts the customer first as core philosophy.
In the last few months both joint venture partners have worked together to form a strategy plan for KOKUYO CAMLIN Ltd. for next five years. The goal is to reach one thousand crores topline with healthy operating margins, thus ensuring a strong leadership possibility in the Indian stationery market.
The strategy to achieve a high growth rests on these factors :
1) strengthen the core Camlin product-portfolio and go for an aggressive expansion in reach and coverage, throughout length and breadth of India.
2) enter into new categories including paper products, such as Notebooks and other high value added products, by bringing respective strengths from both the companies. It may be worthwhile mentioning that KOKUYO is a leader in paper products, files & folders in Japan, and it is known for the technology and design of these products.
3) the new entity will jointly explore selling Camlin's existing and new products through KOKUYO channels especially in Asia." |
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