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Küsters complete acquisition of shares by ANDRITZ AG
10 May '06
2 min read
The Austrian Technology Group ANDRITZ AG is becoming the sole shareholder of Andritz Küsters GmbH & Co. KG.
The minority shareholder, JAGENBERG AG based in Krefeld, is selling its remaining 40 per cent shareholding in ANDRITZ KÜSTERS. An agreement to this effect has now been signed. It was agreed that the purchase price would remain confidential.
In November 2005 ANDRITZ AG initially acquired 60 per cent of the shares held by JAGENBERG AG and at the same time obtained the option of acquiring the remaining 40 per cent at a later date. The time for this has now arrived more quickly than generally expected.
ANDRITZ KÜSTERS Managing Director Dr. Erich W. Bröker welcomes this development: “The complete acquisition of the shares by ANDRITZ is a logical and consistent consequence of the very positive experiences from cooperation and the highly promising perspectives becoming evident in both the paper and the nonwoven business. This decision by ANDRITZ AG reflects a great deal of confidence in the opportunity of not only continuing to grow in our traditional markets but of also developing new products and business sectors jointly with the other Group member companies.”
ANDRITZ KÜSTERS is a wholly owned subsidiary company of ANDRITZ AG and is based in Krefeld. The enterprise encompasses the nonwoven and paper divisions of the former Eduard Küsters Maschinenfabrik GmbH & Co. KG and can avail itself of all the products, patents and brand rights covered by these divisions. The focus of business activity is the development and implementation of technologies and facilities for the production and processing of nonwovens, cardboard and paper.
The minority shareholder, JAGENBERG AG based in Krefeld, is selling its remaining 40 per cent shareholding in ANDRITZ KÜSTERS. An agreement to this effect has now been signed. It was agreed that the purchase price would remain confidential.
In November 2005 ANDRITZ AG initially acquired 60 per cent of the shares held by JAGENBERG AG and at the same time obtained the option of acquiring the remaining 40 per cent at a later date. The time for this has now arrived more quickly than generally expected.
ANDRITZ KÜSTERS Managing Director Dr. Erich W. Bröker welcomes this development: “The complete acquisition of the shares by ANDRITZ is a logical and consistent consequence of the very positive experiences from cooperation and the highly promising perspectives becoming evident in both the paper and the nonwoven business. This decision by ANDRITZ AG reflects a great deal of confidence in the opportunity of not only continuing to grow in our traditional markets but of also developing new products and business sectors jointly with the other Group member companies.”
ANDRITZ KÜSTERS is a wholly owned subsidiary company of ANDRITZ AG and is based in Krefeld. The enterprise encompasses the nonwoven and paper divisions of the former Eduard Küsters Maschinenfabrik GmbH & Co. KG and can avail itself of all the products, patents and brand rights covered by these divisions. The focus of business activity is the development and implementation of technologies and facilities for the production and processing of nonwovens, cardboard and paper.
ANDRITZ KÜSTERS
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