German group splits footwear and services divisions
Michael Gasner, the new management board spokesman of the German services and footwear group Salamander AG, has advised the board is to separate the company's two areas of business.
The action is being taken to help in the recovery of the company’s beleaguered footwear division, which currently only contributes 20% to group turnover. It also reverses the decision taken by Mr Gasner’s predecessor, Wolfgang Muller, to make increase the number of acquisitions made by its services division. The group simply did not have the resources to implement both strategies simultaneously, Mr Gasner explained, and that the rejuvenation of the footwear division was now critical.
Salamander is 95% owned by German energy company Energie Baden-Wurttemberg, which has already expressed its intention to spin off the group later in 2002.
