TLALNEPANTLA, Mexico--Tlalnepantla, State of Mexico, February 5, 2016 - Mexichem, S.A.B. de C.V. (BMV: MEXCHEM*) (“the Company” or “Mexichem”) announced today that, as part of its strategy to consolidate Mexichem’s Leadership Team, the Company has appointed Paresh Chari (currently President, Mexichem USA and Fluent Systems Datacom and Infrastructure) to the position of President Fluent Business Group.
In his new role, Mr. Chari will move ahead with the consolidation of Mexichem’s global Fluent businesses, with the objectives of increasing revenue and operating synergies across regions and expanding the Fluent product portfolio in new markets, where Mexichem has existing operations.
The Presidents of Fluent Latin America, Víctor Aguilera, and Fluent Europe, Maarten Roef, will report directly to Paresh Chari who will then report directly to Antonio Carrillo, Mexichem’s CEO.
For the trailing twelve months ended September 30, 2015 before eliminations, the Fluent Business Group accounted for approximately 54% of Mexichem’s total revenue and 43% of its EBITDA.
Mr. Chari has significant experience in both U.S. and international operations. During his 20 year tenure at Dura-Line, he was responsible for the Company’s substantial expansion, leading several mergers and acquisitions, as well as driving organic growth in the U.S., and internationally in markets including: China, India, Brazil, Spain, Malaysia, Mexico, the Czech Republic, the United Kingdom and Canada. Prior to joining Dura-Line, Mr. Chari held executive positions at several Fortune 500 companies including: Emerson Electric, Ameritech (AT&T) and Kellogg Brown & Root (a Halliburton company).
Mexichem is a worldwide leader in plastic pipes, and one of the largest chemical and petrochemical companies, with more than 50 years of experience in LatAm. The Company contributes to the development of the countries by delivering an extended portfolio of products used in high growth sectors such as infrastructure, housing, telecommunications, drinking and potable water in Mexico, the USA, Europe, Asia, Africa (South Africa), Middle East (Oman), and LatAm. The Company has annual revenues of US$5.6 billion, and has been traded on the Mexican Securities Exchange for more than 30 years.
In addition to historical information, this press release contains "forward-looking" statements that reflect management's expectations for the future. The words “anticipate,” “believe,” “expect,” “hope,” “have the intention of,” “might,” “plan,” “should” and similar expressions generally indicate comments on expectations. The final results may be materially different from current expectations due to several factors, which include, but are not limited to, global and local changes in politics, the economy, business, competition, market and regulatory factors, cyclical trends in relevant sectors; as well as other factors that are highlighted under the title “Risk Factors” on the annual report submitted by Mexichem to the Mexican National Banking and Securities Commission (CNBV). The forward-looking statements included herein represent Mexichem’s views as of the date of this press release. Mexichem undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.”
Mexichem has implemented a new Code of Ethics that rules its relationships with its employees, clients, suppliers and general groups. Mexichem’s Code of Ethics is available for consulting in the following link: http://www.mexichem.com/Codigo_de_etica.html Additionally, according to the terms contained in the Securities Exchange Act No 42, Mexichem Audit Committee established a mechanism of contact, which allows that any person that knows the unfulfilment of operational and accounting records guidelines and lack of internal controls of the Code of Ethics, from the Company itself or from the subsidiaries that this controls, file a complaint which is anonymously guaranteed. The whistleblower program is facilitated by a third party. The telephone number in Mexico is 01-800-062-12-03. The website is http://www.ethic-line.com/mexichem and contact e-mail is email@example.com. Mexichem’s Audit Committee will be notified of all complaints for immediate investigation.