May 25, 2006 The Annual General Shareholders' Meeting of M. J. Maillis S.A., which took place on Wednesday, May 24, 2006 at the Goulandris Natural History Museum in Kifissia , approved the Financial Results for the year ended 31/12/2005 and the Board of Directors' proposal for the distribution of Euro 0,06 dividend per share.
Mr M.J. Maillis, Chairman and CEO of the Company, underlined that, following the previous years´ investments, the Group is today at the forefront of technology in the sector globally, enjoys a leading role in Europe, and has put in place a strong basis in North America, while it also examines its expansion in Turkey and other countries in Asia. The Group's ability to provide a complete end-of-line solution in secondary packaging is being more and more recognized by an increasing number of customers, including some of the largest multinational companies in the world.
Regarding the prospects and future targets of the Group, Mr Maillis referred to the 3-year business plan which is currently under implementation and has the following main axis:
further rationalization of the European activity
considerable growth in North America, and
expansion in fast growing Asian markets
targetting organic growth of 25% until 2008 with further improvement in cash flow.
Finally, the General Assembly also decided the increase of the Board of Directors' members to seven, from which four are executive and three are independent. The following were elected for a four year term:
1) Mich. Maillis Executive Member
2) Ch. Stavrinoudakis Executive Member
3) I. Kourouglos Executive Member
4) S. Orestides Independent Member
5) I. Gounaris Independent Member
6) K. Kotsilinis Independent Member
7) Maria Maillis Executive Member
The new Board of Directors officially assumed their duties today and decided to implement the desire of the Chairman and founder of the company, Mr Maillis, to strengthen the management structure of the company with knowledgeable and experienced managers. The Board appointed Mr Ch. Stavrinoudakis as Chief Executive Officer. Mr Stavrinoudakis, held, until today, the position of Chief Operating Officer – Finance and Support Functions.
