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VBH Magazin 3/2010
The Expert Brand for Window and Door Hardware
■ Training and Career at VBH
■ Mandatory CE Marking and Possible Consequences
■ VBH in Turkey

Dear Readers,
Considered in global terms the crisis is not
behind us, yet, but we have seen rock bottom!
Within the last ten years time after time
Germany has been the problem child and
the foreign markets have generated our
profit. Now Germany is the anchor and
the foreign markets experienced the crisis.
What is different in Germany? Due to the
longstanding “downturn” compared to numerous
other countries there was no real
estate bubble in Germany; the country was
exhausted already. The sensitivity for energy
saving is comparably strong in Germany,
subsidies for private refurbishment
are quite attractive and supporting public
contracts do the rest. And the unemployment
rate in the country is on a surprising
low level; financial investment options are
still a risk or that to say the return is rather
“wimpy” – hence best preconditions for a
refurbishment boom!
Meanwhile there is still little good news
from the foreign countries; after the severe
slump in the CIS States we observe
a respectable upward trend there, the rest
of Europe experiences stagnation and in
West and South Europe we are even struggling
with unbroken downward tendencies.
So our branch does not spot the muchquoted
“V”, yet! And there are only few
arguments for a decisive development in
2011; Germany will not fall back as expected
and feared – fortunately there will be
even more subsidies next year – and the
foreign states will recover from the crises
only step by step.
On a medium term the markets will not be
helpful, so we have to help ourselves! It is
evident that a shift in the market position
only takes place in economic crises! The
better strategy prevails; and a consistent
implementation is worth it. More and
more frequently we get the feedback that
we have set the right focus and we are
encouraged to adhere to our investment
program also in times of lower profit; to
invest into the sustainable upgrade of our
manifold service tools and to invest particularly
into our staffs – in the end they
make the difference!
The lead articles of this issue will show
how we will proceed.
Enjoy your reading!
Rainer Hribar
VBH Magazin 03/2010

Contents
THE COMPANY
Sales Increase in Germany
Top-Class Trainees at VBH 04 - 05
IN FOCUS
Career Portal VBH
The International
VBH Trainee Program
06 - 08
SIMPLY
EVERYTHING
greenteQ.info – The New
Homepage of greenteQ
09
EVERYTHING
SIMPLE
Fensterbau Semmler
Expert Interview about the
Mandatory CE Marking
LOGOS with Barcode Scanner
10 - 13
WORLD-WIDE
VBH in Turkey
14 - 15
The VBH Magazine
Published four times a year
Editorial Office:
Johannes Rave
VBH Holding AG
Siemenstrasse 38
70825 Korntal-Münchingen
E-Mail J.Rave@vbh.de
Telephone 0049 7150 15279
Magazin 03/2010 VBH

THE COMPANY
VBH Interim Balance
Strong German Business Leads
to an Increase in Turnover
A 9.2 percent increase in sales shows
a particularly pleasant development
for VBH in Germany in the first term of
2010. Meanwhile the sales in Western
Europe in many of the countries remain
regressive due to the weak market
situation. Nevertheless, within the
last six months the group turnover had
increased by 2.6 percent.
The first half performance record in figures
shows an increase of 2.6 percent to
345.2 million Euros compared to 336.3
million Euros in the previous year. In the
second quarter there was even an increase
of 7.0 percent (13.2 million Euros).
That is a clear indication of a significant
improvement in the period under report
despite a careful start in January after a
long and snowy winter season in many
regions of VBH.
Prognosis: 5 Percent Growth
by the End of the Year
The East European segment also shows
a positive and pleasing development with
an increase of 4.8 percent and the other
markets even generated a sales increase
of about 19.2 percent due to the swiftly
rising VBH market activities in Turkey
and the growing markets in Asia (also
see World Wide). On base of this development
in the above mentioned countries
the management expects a growth
in sales of about 5 percent just under
800 million Euros for the current business
year. However the operative result
(EBIT) had decreased by 0.7 million
Euros in the first term it still remains on a
positive level.
Nevertheless the management anticipates
a lasting downward trend in West
Europe for the present business year -
in the first term the sales decreased by
11.4 percent. A slight relaxation of the
markets on a low standard is expected
for 2011 at the earliest.
New Central Warehouse for
South and Central America
After VBH had extended its market activities
to Argentina a new central warehouse
will be established in Panama to
supply the existing subsidiaries in Argentina
and Mexico as well as further markets
in South and Central America. Furthermore
new subsidiary had been built
in Caucasus seated in Tbilisi.
The house brand greenteQ is an unaffected
positive growth driver as well:
Meanwhile more than 1,800 greenteQ
products complete the product portfolio
of strong manufacturer’s brands. 16
months after the launch the share of turnover
of greenteQ products in Germany is
more than 5 percent. Medium-term the
company strive for a share of minimum
10 percent of the group sales.
And the development of the service
range of VBH remains positive, too. Besides
CE-fix, the VBH knowledge data
base and the new generated search engine
‘find without searching’, innovations
like the smart phone apps for the mobile
LOGOS are very popular.
04 VBH Magazin 03/2010

THE COMPANY
Top-Class Trainees
at VBH
Everybody who has to render everyday
services knows that a profound and
good training is indispensable. Hence
VBH attaches great importance to a
high standard training of its apprentices.
With success: The creative commitment
of the apprentices contributes to
the company’s work.
The trainees at VBH are highly motivated
and enjoy their work. Besides the every
day work in the different departments of
the enterprise there a particular project
and tasks they have to manage independently
- e.g. to create a video clip to present
the VBH LOGOS scanners.
15 trainees from all over Germany had
been entrusted with this challenge. The
participation was optional, the requirements
were highly demanding. Supraregional
groups established the film script,
producers and location were determined
and there was a casting for the actors - all
members of crew were staff members of
VBH. It was a crucial experience for the
trainees as this collective project offers
the opportunity to meet other trainees
from all over Germany and even find new
friends. And each of them experienced the
significance of team work and an excellent
networking - either as actor, cable carrier
or grip during the two days of shooting.
First release of the video was on occasion
of the fensterbau/frontale 2010. The result
is plain to see: www.vbh.de
Successful Vocational Training
and Best Mark
Not only in the wonderful movie world but
also in the everyday working life the trainees
of VBH always show that they have
got what it takes. Kasim Özaydin, a skilled
worker for warehousing and logistics at
VBH, did not only finish his vocational
training in the central warehouse in Ilsfeld
successfully and with honour but thanks to
his extraordinary commitment and excellent
performance at school he was awarded
as ‘Best Trainee of His Career’.
His training supervisor and warehouse
manager Roland Hübsch is very pleased
about the results of Kasim Özaydin’s
performance: “Qualified employees like
Kasim Özaydin make it possible to offer
high-class services to our customers and
meet their requirements. There a numerous
opportunities at VBH for committed
trainees like him.” Kasim Özaydin plans a
further training as business administrator.
This might be an opportunity to professionalize
for a prospective work in the sales
and distribution department as well as for
a later deployment at VBH abroad – for example
in Turkey.
That’s how winners look: Kasim Özaydin proudly presents the gift from his training
supervisor Roland Hübsch
Magazin 03/2010 VBH 05

IN FOCUS
“Best Professionals of the Branch”
More Performance. More Service.
More Value. That is our promise which
is kept by the 3,000 staff members of
VBH every day. Their commitment,
their know-how and readiness are
the key to success. That is why VBH
attached great importance to its staff
and offers a profound and good vocational
training as well as further training
opportunities.
We ease the customer’s life - to be able
to fulfil this claim the VBH staff members
have to be experts in their respective
business. Only the one who is familiar
with the daily client interaction may be
able to develop and set up proper solutions
that may be the recommendation
of the right product as well as a smooth
operation, a flawless order and invoicing
management or the development and
implementation of innovative services.
“We are the expert brand for windows
and doors hardware, which means that
we have to be aware of the prospective
challenges for our customers already today
so we may prepare and support them
properly,” emphasizes Rainer Hribar,
Chief Executive of VBH. “That is why we
attach great importance to a high quality
of our vocational and further trainings. In
order to compete successfully we need
the best staff of the branch.”
VBH offers Perspectives
Whether as warehouseman or as a
wholesale, import, and export merchant,
with a higher education, with professional
experience or immediately after finishing
school - the international orientation of
VBH allows for numerous opportunities
to promote and use the potential of the
staff individually. There is the opportunity
to gain worldwide experience in the
business, to meet other cultures and
mentalities. Besides the 22 affiliates in
Germany, VBH may be found from Argentina
to Cyprus. And VBH is always
looking for new employees. Rainer
Hribar explains: “We are a fast growing
company and we strive for a strong reputation
of the company as an attractive
employer. For this purpose we set up
the career portal on the VBH website,
www.vbh.de“. VBH trainees contributed
to the establishment and setup of the
conception and the implementation of
this new portal.
Back row from left to right: Andreas Spang, Sandra Pflüger. In the middle from left to right: Philippe Tamla, Katarína Bírešová,
Johanna Trzeba, and Catrin Rempfer. In front: Qi Wang
06 VBH Magazin 03/2010

IN FOCUS
Staff executive Karsten Kraibich
New Career Portal for
Beginners and Professionals
The new portal of VBH offers quick and
detailed information for successful applications.
Beginners as well as professionals
get informed about the opportunities
of a vocational training at VBH, about
programs of dual courses of study at the
university and about international trainee
and further training programs abroad. The
further development of the present staff
is one of the main concerns for Karsten
Kreibich, Vice President and Staff Execu-
tive of VBH: “VBH - that is our staff. They
represent the culture, the performance
and the community of VBH. The essence
of VBH is the contacts of our sales force,
the logistics of our warehousing and also
the responsible management in the central
divisions. Besides the qualification of
our staff also the customer orientation as
well as the services is essential.” Karsten
Kreibich especially focuses the specific
promotion of individual capabilities.
Promotion of Individual
Capabilities
Precondition for a successful career at
VBH is the willingness to prove commitment
and initiative. To speak different
language is an advantage but also to be
prepared for a constant further training.
VBH offers internal as well as external
training programs, e.g. one and a halfyear
international junior training for prospective
managers or a two-year international
trainee program. When looking for
new managers, VBH first falls back on
the own talent pool. “Our staff has already
internalized the company’s philosophy
and provides the requisite know-how for
the different ambitious tasks”, so Rainer
Hribar. He is very proud of such a committed
international team. He knows that the
company is well-prepared for the future.
“Strategically we are well-positioned, we
invest into the developing markets and
with our dedicated team we keep the
strong position as market leader, now and
in future. Our customers, shareholders
and the staff benefit from that.”
The VBH Trainees present the scanner video at the fensterbau/frontale 2010
Magazin 03/2010 VBH 07

IM FOKUS
International Know-How
for the VBH Clientele
Francesco Fiscella
As VBH is presented in various markets,
mainly by the numerous staff
members from all over the world, the
company unites a lot of different cultures.
Each of them and all of them
promote diversity as well as mutual
understanding. Hence VBH supports
international new talents with specific
programs.
The understanding of other cultures and
markets, to note the distinctive local
characteristics, to learn from that and to
exchange positive experience – that international
know-how at VBH makes the
difference. “In order to exploit this potential
we promote qualified junior staff from
different countries and offer perspectives
with international trainee and management
programs”, says Karsten Kreibich
Vice President and Labour Director
of VBH. Subsequent to the programs
the staffs work for VBH in international
projects or in their home countries.
From Slovakia to Germany,
from Scotland to Belgium
For example Katarina Biresova, originally
from Slovenia, works in the German head
quarters and is responsible for international
marketing projects. To work in an international
team is particularly appealing for
her:”VBH offers the opportunity to realise
your own ideas and assume the responsibility
for interesting projects.” Johanna
Tzerba outlines something that like. The
young woman, born in Austria, found her
way to Germany via Scotland. At present
she is responsible for different sales activities
and IT projects in Italy and Belgium.
“VBH is large enough to offer international
experience with a short and professional
decision-making. For this reason
it is quite easy to realise good projects.”
The trainee programs last 18 to 24
months and the staff as well as the customers
benefit from the experience of the
trainees, their know-how about individual
requirements and how to organise an efficient
process flow. One of the first attendees
of the junior executive program
was Francesco Fiscella. He changed to
VHB in 2007 and thanks to his skills in
seven different languages he coordinated
a variety of activities in Belgium, Cyprus,
Spain and Italy like Vassili Toropov from
Russia. One year ago Francesco Fiscella
became managing director of VBH Italy –
since the beginning of 2010 Vassili Toropov
has been supervising four warehouses
in Great Britain. There is an endless list of
careers at VBH and in the beginning you
seldom know where the new talents may
get to. “The objective is to fill a vacancy
with employees who are well-prepared
to the challenges in order to maintain the
high standard and culture of VBH also for
the future”, so Karsten Kreibich. Also in
future VBH will offer programs to promote
the international management.
Katarina Biresova
Johanna Trzeba
08 VBH Magazin 03/2010

SIMPLY EVERYTHING
greenteQ.info
– Pooled Facts and Figures
With now more than 1,800 products
the greenteQ assortment of VBH has
gained an impressive size and is a
perfect completion of the strong collection
of manufacturer’s brands. 16
months after the launch the share
of turnover of greenteQ products in
Germany is more than 5 percent. The
new website www.greenteQ.info is a
quick and comfortable opportunity for
VBH customers to get all necessary information
about each single product.
“Now the greenteQ product range comprises
7 product and 32 article groups
and has gained a size that requires an
own internet presence,” explains Natalie
Giebelhaus, house brand manager of
VBH. “As of now our customers fi nd all
information about each single product
on the new website www.greenteQ.info”
Each article is provided with images,
technical data and item number. Detailed
product data sheets, certifi cation reports
and assembly instruction are available
for download. The categories are windows
hardware, doors hardware, chemicals,
profi les and sealants, elements,
fastening technology and tools. Also all
country specifi c products are included
into the greenteQ website.
International Offer with More
Languages
“The internationality of this information
offer is very important,” so Natalie
Giebelhaus. “All information is available
in different languages.” The visitors of the
site may choose German, English and
Russia. More languages are in the pipeline.
In the long run all languages of the
23 countries, where VBH is represented,
will be included.
Magazin 03/2010 VBH 09

EVERYTHING SIMPLE
Semler Fenster benefits from the CE marking
“The Consistent CE Marking Ensures the Quality
of Our Windws.”
Max and Martin Semler
On a premise of 8,000 sqm the enterprise
Semler Fenster + Schreinerei in
Dietenheim, - since 160 years a family
property - produces wooden, wood/
aluminium and plastic windows on
ultra-modern machines. Master Max
Semler attaches greatest importance
to quality. For him the CE marking is a
welcome means to an end. And thanks
to CE-fix it can be managed without
great difficulties.
About 12,000 casement units for housing
and commercial building are weekly produced;
4,000 to 5,000 of them are made
of wood or wood/aluminium. Furthermore
there are winter gardens, front doors,
doors, roller shutters, blinds and shadowing,
skylights and parquet floors. For plastic
windows a great assortment of Schüco
profiles are manufactured. All in all the
carpentry employs more than 65 people
and 9 apprentices.
Tradition and Technology
For the production the principal Max Semler
sets great store on state of the art
technologies. Since one and a half year
the company has been milling and drilling
wooden profiles on a fully automatic CNC
station. Nevertheless, top priority for Max
Semler is a master craftsman’s diploma.
The implementation of the CE marking
does not conflict with his attitude, as it is
a contribution to a further technological
development: “Today modern, energyefficient
windows are high-tech products
made of numerous complex components,”
he explains. “Timber, glue and
varnish, fittings, sealants and glass, these
are components, which come from all over
the world. Thanks to the CE marking we
are sure that all of them are inspected and
approved.” And thanks to the CE marking
Max Semler may assure his customers of
the high quality of his products. He suspects
that manufacturers may ignore the
mandatory labelling to avoid efforts and
costs. “For the time being private customer
do not ask for a CE marking, but in the
event of a dispute it may be relevant,” tells
the master glazier, an expert of the branch.
10 VBH Magazin 03/2010

EVERYTHING SIMPLE
“In the event of a dispute companies without
the mandatory CE documents will be
at a disadvantage.” He himself makes a
virtue of necessity and benefits from the
CE marking as a marketing tool. He particularly
points out that he is selling CE
quality and has the CE label print on all
brochures and catalogues.
“The Implementation of the CE Marking
was Quite Easy.”
From his personal experience his son Martin
does not confirm that the CE marking is
connected with efforts and costs. He is responsible
for the preparation and processing
of orders. “The implementation of CE-fix
was quite simple,” he reports; “everything
was well-prepared by VBH. We only had to
deliver the respective data for the hardware
and glass.” For him it is particularly important
that the CE marking with CE-fix provides
product safety, certified by independent
institutes; like ift Rosenheim. According
to the son of the boss also the operation of
CE-fix is effortless. When planning a process
he just has to choose the desired product
out of an order management program
and all respective documents are created
automatically together with the order. “We
haven’t had any difficulties so far, apart
from a jam in the printer,” he laughs.
Magazin 03/2010 VBH 11

EVERYTHING SIMPLE
Interview with an Expert
Prof. Niemöller About the Mandatory CE Labelling and
Possible Consequences
An incorrect CE labelling bears risks not
only for large-scale windows manufacturers.
Prof. Christian Niemöller is a specialist
solicitor for building law and managing
director of the law office SMNG
Rechtsanwaltsgesellschaft mbH, seated
in Frankfurt am Main and specialised in
building law questions. In the interview
he gives some specific examples of possible
impacts.
Prof. Niemöller, which consequences do
manufacturers face, who do not mark
products which are subject to the CE labelling?
Concerning the public law (building law,
federal state building order) authorities
may enact a decree against manufacturers,
especially by means of a cease and
desist order. The infringement against
the mandatory CE labelling may be an
administrative offence and may be fined
respectively.
Concerning civil law it still is a question if
a missing or incorrect label is an infringement
of a contract. In this respect customers
as well as buyers may claim for
compensation.
What do you think are the most frequent
mistakes?
The most frequent mistake is to disregard
the guidelines for the CE label like
the information it must contain, where to
affix the label and how it has to look in
detail, e.g. the manufacturer uses the CE
marking as an advertising and marketing
tool and slightly deviates from the correct
guidelines for the CE marking. Of course
manufacturers are allowed to affix further
data (e.g. quality marks) anywhere on the
product; but that shouldn’t affect the visibility
and readability of the CE label and it
shouldn’t lead to any misunderstandings
concerning the CE label.
What about medium-sized and small
businesses – are there presently any
risks for them?
Of course there are. There are no exceptions
from the mandatory CE marking for
medium-sized and small enterprises. The
risks are the same.
Prof. Christian Niemöller
Meanwhile there are some cases of dispute
in the branch. May you give an example?
In one of our law suits a customer refused
to pay an outstanding amount, mainly
because the components the supplier
used were not marked with the CE label,
although they were subject to the CE labelling.
In court he states that he, due to
the missing CE marking, was not obliged
to settle the outstanding payment. Finally
the dispute could have been solved by an
amicable settlement – however not without
concessions.
Formally and only with a proper CE marking
a manufacturer proves the compliance
with the labelling obligation and may
avert any claims for compensation.
Is the implementation of the mandatory CE
marking comparable to the RAL initiation
20 years ago? Several manufactures are
still connecting bad memories with RAL.
RAL provides quality labels. The CE label
is mark of conformity. But in those days
the problems were the same - customers
refused payment because the installation
was not according to RAL specifications.
Today customers again may refuse payment
for the reason that a product is not
marked precisely. So my recommendation
is to strictly follow the guidelines for
the CE marking.
12 VBH Magazin 03/2010

EVERYTHING SIMPLE
Mobile LOGOS now with
Barcode Scanner
VBH, the expert brand for windows and
doors hardware offers a new download
version of the order system “Mobile
LOGOS” for iPhones. With a barcode
scanner, an advanced online-search
tool and shopping basket features ordering
via iPhone becomes even easier.
Simply scan the barcode on an empty
package, send your order and it’s done
– now the new software version of the
iPhone apps for the order system “mobile
LOGOS” of VBH makes it possible. VBH is
the only commercial enterprise for architectural
hardware offering order opportunities
for mobile terminals like iPhone.
For the first time the software was presented
on occasion of the fensterbau/frontale
in Nuremburg. “The feed back has been
incredible”, says Simon Seibert, head of
the central supply chain management of
VBH. “In the last months we had advanced
the application in cooperation with our
customers on base of an everyday experience
and developed the new version of
the iPhone app.”
items are available at a glance. According
to Simon Seibert a backstage tool for optimizing
memory speeds up the software:
“So the ideas and needs of our customers
have been implemented at the best.”
Mobile LOGOS – wherever,
whenever
With mobile LOGOS customers have a direct
access to the complete VBH catalogue
and order the needed products quickly and
without problems. The developer set great
store by a user-friendly and straightforward
menu navigation. The application offers a
comfortable selection of the products with
details, images and packaging sizes out
of the VBH catalogue without long-winded
item numbers. Not only the VBH catalogue
is available on the terminal, but also individual
assortments of customers may be
filed. After the order has been sent, the
customer receives an immediate confirmation
with an order number within a few seconds
and he may keep track of the order
via vbh24.de. The new cost-free iPhone
app is available at the Apple App Store.
Scanning, Filing, Ordering
The barcode scanning is the most obvious
innovation but there are even several
upgrades; the online search tool of the
catalogue had been completed by item
numbers of VBH, EAN and manufacturers
and shopping basket features had been
implemented. Also after finishing the program
all articles are filed in the shopping
basket. When starting again, customers
may fall back on the prepared and filed
order list in the basket. In the menu of the
iPhone the content and number of filed
Magazin 03/2010 VBH 13

WELTWEIT
VBH Turkey is the Bridge Between
Europe and Asia
Ahmet Abat
Turkey is one of the most attractive
growing markets and an important
bridge between Europe and Asia and
the neighbouring countries in the
Middle East. In the beginning of 2009
VBH Holding AG became majority
owner with 65 percent of Winkhaus
A.S. in Istanbul.
The entry into the Turkish windows and
doors market was well-planned – presently
there is no country in Europe with
such opportunities for growth. The decision
was made due to the increasing
demand for housing space with an annual
requirement of about 400,000 apartments.
Besides tourism and the textile
industry, the building sector is one of the
leading branches in Turkey. Thanks to
comprehensive programmes of reform
the country survived the crisis in good
condition as confirmed by numerous new
projects like shopping centres, hospitals,
East and west, old and new in Istanbul
sports facilities and refurbishments. Furthermore
Turkey is, due its central position,
not only the geographical but also
the cultural bridge between Europe, Central
Asia and the Middle East, between
orient and occident. Turkey is a welcome
trading partner in the neighbouring countries
Iran, Iraq, Azerbaijan and Syria and
a starting point for the opening of new
markets. “The share of exports to the
Middle East and Turkey is extraordinary
high”, confirms Andrea Akuzun, International
Task Force Manager of VBH.
“Meanwhile the sales in Middle East and
Central Asia are 35 percent of the total
sales of our Turkish subsidiary.” Partners
in Iran and Azerbaijan promote the entry
into the markets of this region.
Andrea Akuzun
Interface between Orient and
Occident
Presently 46 people are working for
VBH Kapı ve Pencere Türkei, seated in
Istanbul. The premise of the company
comprises 2,000 sq office and 3,000 sq
storage space on the European sector
with a further affiliate on the Asian sector
of the city. The affiliate in Izmir supplies
the Aegean region and for the coming year
further affiliates in Central and East Anatolia
are in the pipeline.
Together with fellow partner and managing
director Ahmet Zeki Abat, VBH plans
a further enlargement of the product and
service range for the coming years. Besides
the product range of traditional
plastic windows, new solutions for wooden
and wood/aluminium interior doors already
complete the assortment.
14 VBH Magazin 03/2010

WORLD-WIDE
Dubai is Closer as You Think
But not only in Turkey but also in the Middle
East the partners benefit from the cooperation.
Ahmet Zeki Abat is also managing
director of the VBH subsidiary in
Dubai where he contributes with his longlasting
experience in Turkey. “The collective
arrangement of the assortment is an
advantage for both partners”, explains
Andrea Akuzun. “The VBH clientele in this
region benefits from the comprehensive
offer of windows and doors hardware,
the bottom door closers, hinges, mortise
locks, door handles as well as roller shutters
and blinds.” Besides the product portfolio
the clientele especially appreciates
the high efficiency and competence of
the staff – customer oriented solutions as
well as services are top priority in Turkey.
Bottom left: The VBH subsidiary in Izmir, above the one in Istanbul
“So the change from the former company
to ‘VBH Türkei’ does not only exist
on the paper but - much more important
– the staffs have already internalized the
mentality and claim of VBH”, states Andrea
Akuzun. “Following the slogan ‘Simply
Everything. Everything simple.’ our
Turkish employees promoted a quick and
comfortable integration of the VBH group;
the result is an obvious increase in sales
in the first term 2010.
Magazin 03/2010 VBH
15

VBH in Argentina
www.vbh-holding.com
VBH in Australia
www.vbh.com.au
VBH in Austria
www.evg.at
VBH in Belarus
www.vbh.by
VBH in Belgium
www.vbh.be
VBH in Bosnia-Herzegovina
www.vbh.ba
VBH in Bulgaria
www.vbh.bg
VBH in China
www.vbh.com.cn
VBH in Croatia
www.vbh.hr
VBH in Cyprus
www.vbh.com.cy
VBH in Czech Republic
www.vbh.cz
VBH in Estonia
www.vbh.ee
VBH in Germany
www.vbh.de
www.esco-online.de
VBH in Great Britain
www.vbhgb.com
VBH in Greece
www.vbh.com.gr
VBH in Hungary
www.vbh.hu
VBH in India
www.vbh.in
VBH in Ireland
www.vbh.ie
VBH in Italy
www.vbh.it
www.cdagroup.com
VBH in Kazakhstan
www.vbh.kz
VBH in Kosovo
www.vbh-kosovo.de
VBH in Kuwait
www.vbh.com.kw
VBH in Latvia
www.vbh.lv
VBH in Lithuania
www.vbh.lt
VBH in Malaysia
www.vbh.com.my
VBH in Mexico
www.vbh.com.mx
VBH in Montenegro
www.vbh.co.me
VBH in Netherlands
www.vbh-nl.com
VBH in Poland
www.vbh.pl
www.esco.com.pl
VBH in Portugal
www.vbh.com.es
VBH in Romania
www.vbh.ro
VBH in Russia
www.vbh.ru
VBH in Serbia
www.vbh.rs
VBH in Singapore
www.vbh.com.sg
VBH in Slovakia
www.vbhslovakia.sk
VBH in Slovenia
www.vbhtrgovina.si
VBH in Spain
www.vbh.com.es
VBH in Thailand
www.vbh.co.th
VBH in Turkey
www.vbh.com.tr
VBH in the United Arab Emirates
www.vbhme.com
VBH in Ukraine
www.ofir.ua
VBH in Vietnam
www.vbh-vn.com