Changes at PM Group

15 April 2008

Marco Milesi, managing director of Italy's PM Group, is leaving his post at the end of the month as part of a wider management restructuring.PM Group owns loader crane manufacturer PM, Oil & Steel, and scaffold manufacturer Pilosio.

A spokesman for the Modena-based company said Milesi's departure will be one of several executive-level changes, with managing directors for each of the three group companies to be added under a single PM Group president, due to be announced this month.

PM Group is 86% owned by two Italian private equity concerns, BT Private Equity and IPEF III Holdings. Efforts to become a publicly listed company last year were postponed in late November. A PM spokesman declined to identify other affected personnel or to comment on what Milesi will be doing in the future.

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