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InnoConcepts forms a new management team structure

It has been announced by the Dutch consumer technology group InnoConcepts on Thursday that it had put together a new management team structure and bought out one of its units, giving its shares a boost.

The firm faced a loss of 22 million euro in 2008 and had a tough first quarter. Now, it has appointed Jeroen de Rijk as finance director and appointed a technology director and an operations director to form a management team of four.

The company has simplified its operating structure under the supervision of new Chief Executive Niraj Mehra by integrating the management of the holding company and its various operating companies. The company has also declared that it would announce the results of an ongoing strategic review in the coming months and that further operational restructuring would take place.

InnoConcepts also bought the remaining 43 percent of manufacturing unit HTP Technologies it did not already own from HTP managers by issuing them almost 670,000 euros in shares. Shares in InnoConcepts, which develops plastic packaging, had risen 5.4 percent to 3.18 euros by 0911 GMT.

SNS Securities Martijn den Drijver said in a note that the purchase price for the HTP facility was attractive. He added, “The decisive steps taken so far and the promises of greater transparency by the new CEO can certainly be qualified as a good start.”