DGAP-Media: EDAG Engineering Group AG: EDAG initiates strategic reorganization in order to strengthen electric mobility and Car IT and recruits Cosimo de Carlo as new CEO
- EDAG will continue to expand its electric mobility, software solution and connectivity competencies and spur its strategy towards further internationalization
Arbon/Wiesbaden, September 5, 2017. EDAG Engineering Group AG (EDAG), a leading independent engineering services provider for the global automotive industry, is consequently shifting its strategic focus to be better positioned for the company's future development: The Board of Directors has decided to strengthen the Electrics / Electronics (E/E) segment as a key strategy component, in order to position the company on three stronger, more balanced pillars. Both Vehicle Engineering (VE) and Productions Solutions (PS) will remain key components of EDAG's corporate strategy and will be further enhanced. The strategic realignment will be supported by organizational and personnel changes. The Board of Directors has recruited Cosimo de Carlo, previously Group Vice President Automotive at French technological service provider Altran, as the new CEO of EDAG who will lead the strategic realignment. He will assume office within the next twelve month. CFO Jürgen Vogt will act as interim CEO of EDAG. The Board of Directors also plans to accelerate the targeted internationalization strategy while expanding EDAG's activities in best cost countries, to better meet changing customer needs.
"I am delighted that Cosimo de Carlo will join EDAG as CEO, as he is a premier innovator and well-connected industry expert. He has the ideal profile for successfully implementing the strategic changes at EDAG. Together we will enhance the company's position to tackle the future challenges of the automotive industry, such as electric mobility, vehicle electronics and electrics along with Car IT, i.e. solutions dealing with the digitization and connectivity affecting the driving experience. At the same time, light-weight construction and general vehicle development continue to be future elements of the industry and thus remain key pillars of EDAG's services," said Thomas Eichelmann, Chairman of the Board of Directors.
Since 2001 Cosimo de Carlo has held various leadership positions at Altran, a leading global innovation and technology services provider. Since May 2015 he has been Group Vice President responsible for Altran's global automotive business and CEO for Germany, Austria and the Czech Republic. At Altran, he successfully expanded the business into electric mobility, connectivity and derivatives development. In previous positions, he was head of the German consultancy branch and country CEO for Germany. Cosimo de Carlo studied business engineering and business IT in Rome. He completed postgraduate programs in strategic management at the University of St. Gallen and Harvard Business School. He is fluent in German, English, Italian and French.
With the envisaged changes, EDAG accelerates its transformation from a classic engineering services provider to an innovation powerhouse for key areas of electric mobility and connected driving. EDAG also aims to strengthen the entrepreneurial responsibility within its three business segments. Going forward, this means that selected projects will be developed and advanced within internal start-ups (e.g. Trive.me). At the same time, it is planned that EDAG's portfolio will be expanded by further targeted acquisitions. Furthermore, EDAG seeks to enhance its strong position in the core competencies of vehicle development and production engineering through faster implementation of its internationalization strategy.
The Board of Directors would like to take this opportunity to thank their previous CEO Jörg Ohlsen and are currently in a constructive dialogue with him to discuss future areas of possible cooperation.
EDAG is an independent engineering services provider to the global automotive industry. The company serves leading domestic and international vehicle OEMs and sophisticated automotive suppliers through a global network of about 60 sites in major automotive centers of the world.
EDAG offers complementary engineering services across its Vehicle Engineering, Electrics/Electronics and Production Solutions businesses. Based on these extensive capabilities, EDAG can support clients across the entire value chain from the original design idea to product development and prototype construction all the way to the delivery of turnkey production systems. As a technology and innovation leader, EDAG also operates established centers of excellence that design landmark technologies for future applications in the automotive industry: lightweight construction, electric mobility, car IT, integral safety and new production technologies.
In financial year 2016, the company generated revenues of EUR 715 million and an adjusted EBIT of EUR 43.8 million. As at 31 December 2016, 8,270 employees (including apprentices) worked for EDAG in 19 countries.
End of Media Release
Issuer: EDAG Engineering Group AG
Key word(s): Enterprise
|Company:||EDAG Engineering Group AG|
|Phone:||+41 71 54433-0|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart|
|End of News||DGAP Media|