10.03.2017
Grammer AG DE0005895403
DGAP-News: Recent developments at the Grammer Group in the focus of the visit by state minister Aigner
DGAP-News: Grammer AG / Key word(s): Miscellaneous
Recent developments at the Grammer Group in the focus of the visit by state
minister Aigner
10.03.2017 / 14:46
The issuer is solely responsible for the content of this announcement.
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Joint press release
Recent developments at the Grammer Group in the focus of the visit by state
minister Aigner
* Visit by Ilse Aigner, the Bavarian economics minister, to Grammer's
innovation location in Haselmühl
* State minister Aigner informed of recent developments at Grammer AG in
talks with union and company representatives
* State minister Aigner concerned at the possible consequences of a change
of control at Grammer AG for jobs and the independence of a successful
Bavarian company.
Amberg / Munich, March 10, 2017 - Bavarian economics minister, Ilse Aigner
is today (Friday) visiting the Haselmühl location of Grammer, a public
listed vehicle components supplier. Located in the Upper Palatinate region
of Bavaria, the site develops and produces innovative seats and seating
systems for trucks and offroad vehicles. This visit to the core plant near
Amberg comes roughly one year after the date on which Grammer received the
renowned bauma innovation award for "Genius Cab", a cross-company project
for developing future generations of driver cabins for construction
machinery. Grammer is a leading development and production partner to the
international commercial vehicle industry for suspended seats and the
automotive industry for highly innovative interior components with a total
of more than 12,000 employees around the world. With more than 3,000
employees in Germany, it is also an important local employer.
Recent developments at Grammer AG
Following a visit to the production facilities and talks with employees of
the Seating Systems Division, the minister held discussions with Grammer
AG's chief executive officer, Mr. Hartmut Müller, and the deputy chairman of
the Supervisory Board and president of the local office, IG Metall Amberg
union, Mr. Horst Ott, concerning the recent developments at Grammer AG.
These talks focused on the investment in Grammer AG held by two companies
owned by the Hastor family, Cascade International Investment GmbH (Cascade)
and Halog GmbH & Co. KG (Halog). Cascade wishes to exert material influence
on the composition of the Supervisory Board and the Executive Board of
Grammer AG and plans to replace five of the six shareholder representatives
on the Supervisory Board with representatives of its own. Major customers of
Grammer AG have already expressed their consternation at this development
and stressed in talks with politicians, unions and the company itself that
they consider the continued independence of Grammer AG's existing governance
bodies to be of crucial importance in the future.
Minister Aigner concerned at the possible consequences for jobs and the
independence of a leading Bavarian company
"I was able to observe for myself the innovations in Haselmühl together with
the high quality and reliability as well as the important position that
Grammer holds in the supply chain," said Ilse Aigner, the Bavarian State
Minister of Economics and Media, Energy and Technology. "The concerns
expressed by customers point to the risks to the company's future business
performance and, hence, a large number of jobs," she stated, adding that
"what is decisive for me is that the relations with the OEMs should be
shielded from any strain, that long-term collaboration remains intact and
that the good outlook for the future is preserved." In talks with CEO
Hartmut Müller and the deputy chairman of the Supervisory Board Horst Ott,
she was apprised of the potential risks of any attempt by Cascade to exert
influence on the Supervisory Board and management.
Employees reject transfer of control to the Hastor family
The employee representatives had previously expressed their concerns and
worries about the Hastor family's plans and the demands that had been made.
"We are aware that the leading automotive OEMs reject the Hastor family's
involvement or the planned change of control and could take this into
account in future contract awards," said Horst Ott, deputy chairman of
Grammer AG's Supervisory Board and president of the local office, IG Metall
Amberg union. "As employee representatives, we call on the Hastor family to
withdraw from Grammer and to refrain from seeking any changes in the
independent governance structures. Grammer has earned an excellent
reputation in the industry and its employees are committed to doing all they
can to avert even the slightest harm to this reputation," he added.
Executive Board stresses Grammer AG's success story
"The Grammer Group is on a clear path of success. Over the last few years,
we have achieved impressive results by systematically implementing our
strategy with the support of the entire Supervisory Board and more than
doubling our research and development expenses. We are now able to reap the
benefits of this in the form of high growth, rising profitability and
excellent customer relations," said Hartmut Müller, chief executive officer
of Grammer AG. "We are pleased to have the support of politicians and unions
in this dispute with Cascade. We do not understand Cascade's demands and to
this very day do not know the background to the Hastor family's activities
and goals with respect to Grammer AG. We greatly regret the fact that
Cascade has turned down all opportunities for discussion," said Müller,
explaining the management's position.
Contact:
GRAMMER AG
Ralf Hoppe
Phone: 0049 9621 66 2200
[email protected]
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10.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Archive at www.dgap.de
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Language: English
Company: Grammer AG
Georg-Grammer-Str. 2
92224 Amberg
Germany
Phone: +49 (0)9621 66-0
Fax: +49 (0)9621 66-1000
E-mail: [email protected]
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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