Wild prepares to go public with new CFO
planned initial public offering, tapping Symrise's CFO to take it
through the process.
The plan to go public in 2010 was announced in September, and will necessitate restructuring of Wild and its European companies. Part of the preparation for this significant move is the hiring of Rainer Grimm as its new chief financial officer. Grimm played a major role in the IPO of fellow German flavour supplier Symrise's in 2006, which Wild credits as being "one of the most successful" of that year". Symrise made its debut on the official market (Prime Standard) of the Frankfurt Stock Exchange on December 11 2006. Proceeds of its issue of 81,030,358 shares amounted to €1,4bn, of which Symrise received €652m to be spent on expansion and debt reduction. The flotation surpassed Germany's biggest of 2006 to date - Wacker Chimie, which saw proceeds of €1.2bn. Details of Wild's planned IPO have not yet been revealed. For instance, it has not been made known what form the initial public offering (IPO) will take - be it the issuance of brand new shares, or selling of the owner's own stakes. In addition, other elements will factor into the impact of the initiative on the company - such as the cost of the procedure, or what stock exchange Wild aims to be listed on. However the company has said that other measures will take in preparation for the listing include the introduction of Oracle software and IFRS Accounting Standards. Owner Hans-Peter Wild said in the autumn: "My main concern is to secure the future of the company, which my parents founded in 1931 and that I have further developed into a successful international enterprise." According to the German natural ingredients player, the goal of the move is to ensure future growth with a clear focus and an efficient structure, which can take place free of Mr. Wild's ownership position. The company has emplyed the services of management consulting firm McKinsey & Company for how to proceed with restructuring. "We will actively change and shape the enterprise ourselves while using the experience of McKinsey to assist in the process," said Mr Wild. "Our decision is a clear sign to our employees that we will work together for solid growth."
