Penta has announced first changes in Aero Vodochody

The Czecho-Slovak private equity group Penta, as the sole shareholder of AERO Vodochody a.s., has announced first changes in the management bodies of AERO today. Above all, Mr. Peter Ondro’s (49) appointment as the Company’s new President. Peter Ondro is a top-level manager with experience in managing successful transformation and restructuring processes, e.g. in the ZSNP aluminium plant in Žiar nad Hronom or in Slovak machinery plants owned by the HTC Bratislava Group, which includes Zetor Brno.

"Restructuring of the largest Czech aircraft and military manufacturer is a great challenge not only for me, but for the entire project team, which comprises colleagues from both Penta and AERO. We want AERO to become, as soon as possible, a healthy and profitable company which functions in a standard manner and which can cope with tough international competition," says Peter Ondro, new President of AERO Vodochody, adding: "Our primary task is to prepare and approve a new financial plan and a plan of organizational changes which will help stabilise the situation and achieve balanced financial results as fast as possible."

The Company’s former President Petr Klimeš was recalled, as well as the nine-member Board of Directors and six of nine members of the Supervisory Board (three resigned).

Penta Holding has become the sole owner of 100 % of the shares on 4 January, following an approval of the transaction by the Antimonopoly Authority on December 20, 2006. Penta’s plan for restructuring AERO has three priorities:

  1. development and production of aircraft and aircraft components in aerostructures,
  2. development of the Vodochody Airport, and
  3. co-operation with the Czech Army

Penta’s first step will be a comprehensive capital restructuring of the Company, which includes, above all, an increase in the company’s registered capital by approximately 8 billion crowns, allowing for further steps focused on sales, marketing, and operation.

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