GROHE tender offer for Joyou successful

Press release

Published June 12th, 2011 - 08:33 GMT

David Haines, GROHE CEO

At the end of the voluntary public tender offer for Joyou AG, GROHE, the world’s leading premiumbrand for sanitary fittings, has attained a total of 56.2% of voting rights and 34.7% of the share capital in Joyou. GROHE’s share of Joyou increased by a further 3.6% during the additional, final acceptance period.

In connection with the voluntary public tender offer for Joyou AG, 12.3% of shares in Joyou were tendered to GROHE up to the end of the first acceptance period on May 9, 2011 and another 3.6% up to the end of the additional acceptance period on May 26,

2011. In addition, independently of the tender offer, GROHE holds 40.3% of voting rights and 18.8% of shares in Joyou. The share of voting rights in Joyou increased by 20% to 40.3% on May 18, 2011 due to a power of attorney granted by Joyou founder JiansheCai.

All conditions of the tender offer are fulfilled, including the obtaining of Chinese regulatory approval. GROHE expects settlement of the offer process to be completed by June.

GROHE CEO David Haines: “We are pleased that the capital market recognized the strategic logic of our tender offer. Together with the Cai family who founded Joyou, we will now quickly push ahead to build the cooperation with Joyou under the roof of ourfuture joint venture, Grohe Asia AG.”

The planned joint venture, Grohe Asia AG, is to be headed by Joyou Group CEO JiansheCai. GROHE will have a 50.01% stake in the joint venture. Further information on the public tender offer is available at http://www.grohe-offer.com. Additional press material can also be accessed on the website.

Background Information

GROHE Middle East

GROHE is a leading global brand for complete bathroom solutions and kitchen fittings and a global brand, dedicated to providing innovative water products.

For many decades, GROHE has been committed to the brand values of technology, quality, design and sustainability that all illustrate GROHE’s commitment to creating exceptional experiences and to delivering “Pure Freude an Wasser”. With its engineering, innovation and design activities firmly anchored in Germany, GROHE products bear the badge of quality “Made in Germany”, ultimately strengthening the customers’ confidence in the brand. All plants of the GROHE manufacturing network make use of high-precision production engineering to ensure compliance with consistently high GROHE standards. This way GROHE ensures that its products live up to the most uncompromising demands in terms of workmanship and functionality.

Company Profile

Joyou AG

Joyou AG is listed in the Prime Standard of the Frankfurt Stock Exchange, trading under the ticker symbol JY8.

Joyou designs, produces and sells faucets and other sanitary ware products. The main product groups sold in its own brand business are bathroom faucets, kitchen products, shower products, other bathroom products and other faucets and sanitary hardware.

Joyou sells its products in China under its brand name and is supplier for international sanitary ware companies, wholesalers and trading companies in the United States and Europe as well as certain emerging markets.