Arnold Schefer, who founded Mungo Befestigungstechnik Ltd in 1968, has sold the Swiss fixings manufacturer and supplier to Oliver W. Annaheim, who becomes the new CEO, in partnership with two other private investors.
Arnold Schefer handed over the management of Mungo to Oliver W. Annaheim at the end of 2015. Founding the business as a one man operation forty-seven years ago, Schefer developed the company to its current position as a globally operational enterprise, active in 52 countries and with subsidiaries in Germany, Dubai, China, Italy and the USA.
Annaheim has worked for Mungo since 2014 and was previously sales & marketing director and vice CEO. He graduated from Zurich University with a degree in business economics. Prior to joining Mungo he worked for Suhner Abrasive Expert Ltd, serving as managing director. “Olivier W. Annaheim is a competent expert and the right man for Mungo. I am pleased to be handing over the helm to him,” said Arnold Schefer.
The ownership of Mungo changes at the same time. As part of a succession plan, aimed at strengthening the future of the company, Arnold Schefer sold the company to Olivier W. Annaheim and two business partners, Roman Kupper and Zen-Jiang Wang. The new owners acquired all the shares through their company Mungo Holding AG. Together with Arnold Schefer they also make up the new supervisory board of Mungo Befestigungstechnik Ltd.
It was important to Arnold Schefer to maintain the entrepreneurial spirit behind the company through close ties between ownership and management and also to secure the company’s location in Olten, Switzerland. “I am very happy with the solution we have found. It is very good for our employees, our customers and the site in Olten. Mungo will remain a strong Swiss company,” he said.
Oliver W. Annaheim commented: “Our employees, customers and business partners will benefit from the new ownership. It guarantees them the desired continuity in every aspect of the cooperation.”
Mungo Befestigungstechnik Ltd will continue to supply the same quality of products and services whilst improving its range for customers. “We export 70% of our products and our ‘Swiss quality’ will remain an important aspect. I also see a lot of potential we can exploit to create more added value for our customers,” added Olivier W. Annaheim.
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.
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