EN 110616_Press release.pdf

PRESS RELEASE
GROHE and Joyou implement joint venture
GROHE and Joyou founders sign agreement
Jianshe and Jilin Cai contribute 28.6% shareholding in
Joyou AG to Joyou Grohe Holding AG joint venture
DÜSSELDORF, June 16, 2011: GROHE, the world’s leading
premium brand for sanitary fittings, and the founding family of
Joyou, the Cai family, yesterday signed an agreement under which
Jianshe and Jilin Cai are contributing 28.6% of the subscribed
capital of Joyou AG to the joint venture with GROHE. This
contribution means that Joyou Grohe Holding AG as joint venture
between the founding family Cai and GROHE will hold 57.2% of
Joyou shares.
On May 31, 2011, GROHE announced the successful outcome of
its voluntary public tender offer to the shareholders of Joyou AG.
GROHE announced on publication of the offer document that
GROHE, Jianshe Cai and Jilin Cai on February 14, 2011 signed a
letter of intent to set up a joint venture. This agreed aim has now
been put into effect. This is accompanied by the renaming of the
joint venture so far known as Grohe Asia AG into Joyou Grohe
Holding AG.
Jianshe Cai and Jilin Cai retain an additional 7.7% direct
shareholding in Joyou AG.
Joyou Grohe Holding AG is managed by Joyou Group CEO
Jianshe Cai. GROHE will in the future hold 50.01% of the joint

venture and can therefore consolidate Joyou in the GROHE
financial statements. The Cai family holds the remaining shares.
GROHE CEO David Haines: “The legal framework for our joint
venture is now in place. With this step, our cooperation can now
forge ahead.”
Joyou founder Jianshe Cai, CEO of Joyou and the Joyou Grohe
Holding AG joint venture: “Our cooperation can set an example
beyond our sector.”
About GROHE
Grohe AG is the world's leading premium brand of sanitary fittings. As a global
brand for sanitary products and systems, GROHE sets standards in quality,
design, technology and sustainability, providing water to perfection.
With its headquarters in Hemer and Corporate Center in Düsseldorf, the
company currently employs some 5,400 people worldwide, including 2,400 in
Germany. In 2010, the company's kitchen and bathroom fittings and showers,
automatic fittings for the commercial and contract sectors, and installation and
flushing systems generated sales of EUR 980 million.
GROHE has six production plants, of which three are located outside Germany,
namely in Portugal, Thailand and Canada. The company currently generates
82 % of its sales outside Germany.
Important Information
This press release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts; they include statements
about beliefs and expectations and the assumptions underlying them. These
statements are based on plans, estimates and projections as they are currently
available to the management of Grohe. Forward-looking statements therefore
speak only as of the date they are made, and Grohe undertakes no obligation to
update publicly any of them in light of new information or future events. By their
very nature, forward-looking statements involve risks and uncertainties. A
number of important factors could therefore cause actual results to differ
materially from those contained in any forward-looking statement.
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Contact:
GROHE
Dr. Ulrike Heuser-Greipl, Grohe Holding GmbH
Senior Vice President Public & Investor Relations
Phone: +49 211 9130 3001
Mobile: +49 175 588 1596
ulrike.heuser-greipl@grohe.com
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