DGAP-Media: WMF Württemberg. Metallwarenfabrik AG: Princess becomes a 100 % daughter of WMF
(firmenpresse) - WMF Württemberg. Metallwarenfabrik AG / Key word(s): Enterprise
21.09.2010 16:04
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Princess becomes a 100 % daughter of WMF
Development of the cooperation between the two companies to the next level
The WMF AG, Geislingen/Steige, Germany, exercise the option to buy the
remaining 49 % of the Princess Holding B.V., Breda, the Netherlands. By
buying those remaining shares, the supervisory board of WMF decided
Princess to become a 100 % affiliate company at September, 30th of this
year. The purchase price is between 2.5 mill. Euro and 3.0 mill. Euro.
Princess is an elementary part of wmf group's small domestic appliance
strategy. To strengthen its worldwide competitive business that corresponds
to all demands of the market is the goal of that business unit. Thus, the
purchase of the complete shares of Princess Holding B.V. is the consequent
continuation of WMF's small domestic appliance strategy. The market success
proves that this strategy is the right one. The quick implementation of the
complete integration of Princess within the wmf group is a consequent and
necessary step on the business unit's way to even more performance and
success.
With transition of the shares, the founder of the company Princess, Mr. Aad
Ouborg, will leave company's management in mutual consent. Mr. Ouborg
retires for personnel reasons and WMF regrets this step, wishing Mr. Ouborg
all the best for his future.
The temporary management of Princess will be taken by two of WMF's board of
directors. Dr. Rudolf Wieser will take responsibility for product
development, marketing and distribution and Dr. Bernd Flohr for human
resources, finance and purchase.
By becoming a 100 % affiliate company of the wmf group, the existing
intensive cooperation between the two companies will be enlarged.
Especially the creation of synergies regarding for example product
development, purchase or distribution will be forced.
21.09.2010 16:04 Dissemination of a Press Release, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: WMF Württemberg. Metallwarenfabrik AG
Eberhardstraße
73309 Geislingen
Deutschland
Internet: www.wmf.de
End of Announcement DGAP-Media
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Datum: 21.09.2010 - 16:04 Uhr
Sprache: Deutsch
News-ID 32225
Anzahl Zeichen: 0
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Kategorie:
Business News
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