GARMCO completes major restructuring
This is in line with the company’s three-year strategy, which involves closing unprofitable subsidiaries and non-operating companies; and identifying additional opportunities for growth in high-margin markets where GARMCO has established a strong presence, in particular South East Asia, the USA and Australia.
The restructuring has resulted in the closing of unprofitable subsidiaries in the saturated markets of China and Korea; and non-operating companies in Hungary and Cyprus, which do not add value to GARMCO’s core activities.
As part of the restructuring exercise, both the Chairman of GARMCO - Mr Mahmood Al Soufi, and the CEO - Mr Jean-Baptiste Lucas, now sit on the Boards of Directors of the subsidiaries in Australia, Singapore and the USA. This will help ensure greater synergy between the head office in Bahrain and overseas operations, and faster implementation of GARMCO’s strategic objectives and business goals.