Vardis Proud To Support Grohe, Credit Suisse & TPG Capital in Appointing Dr. Marco Panichi as CFO
The Supervisory Board of Grohe AG has appointed Dr. Marco Panichi to the company’s Management Board and as Chief Financial Officer on June 1st 2011. Dr. Marco Panichi was previously CFO at Cognis, the leading worldwide supplier of innovative specialty chemicals and nutritional ingredients.
He served Cognis from 1999, partly as Head of Corporate Development. In this capacity, he was a driving force in the implementation of Cognis’ strategy. Prior to his appointment as CFO of Cognis in 2009, Dr. Panichi was based in Malaysia as CFO of the Cognis Oleochemical global joint venture.
Dr. Panichi studied at the Georg-August University in Göttingen/ Germany. He started his professional career after completing his doctorate at Henkel.
TPG Capital and Credit Suisse unit purchased Grohe, which calls itself Europe’s largest provider of sanitary fittings, for a reported $1.84 billion from BC Partners Ltd in 2004.
Grohe AG is the world's leading premium brand of sanitary fittings. As a global brand for sanitary products and systems, GROHE sets standards in quality, design, technology and sustainability, providing water to perfection.
With its headquarters in Hemer and Corporate Center in Düsseldorf, the company currently employs some 5,000 people worldwide, including 2,300 in Germany. In 2010, the company's kitchen and bathroom fittings and showers, automatic fittings for the commercial and contract sectors, and installation and flushing systems generated sales of EUR 980 million.
GROHE has six production plants, of which three are located outside Germany, namely in Portugal, Thailand and Canada. The company currently generates 82 % of its sales outside Germany.