Reunert exits Nokia Siemens Networks

Reunert's minority stake in NSN meant it was a passive shareholder and had no control over the business. The listed company has historically held a 40% stake in Siemens Telecoms, which later became a 40% stake in NSN after Nokia and Siemens merged the business in 2007.

Few months ago

Speaking at his first results presentation since taking over as CEO a few months ago, Nick Wentzel explained the company will focus on its three core business units going forward. Reunert's three divisions are Nashua, CBI-electric and Reutech.

Reunert reported revenue up 4%, to R10.7 billion, for the year to September. Operating profit improved 7%, to R1.2 billion, and normalised headline earnings per share, stripping out abnormal items, grew 3% to 515.7c.

Wentzel says the company benefited from margin improvements after restructuring the business last year. CBI-electric reported operating profit up 24% to R521 million, while Nashua bolstered its operating profit 19% to R615 million.

Reunert, which has R1.8 billion in the bank, is considering acquisitions to grow the business. Wentzel says the company will identify more Nashua Office Automation franchises to buy out and is looking at expanding the business on the continent.