The sale of the Erich Utsch AG company has now been completed
The sale by Manfred Utsch, the founder of the company, of the majority shareholding in Erich Utsch AG was completed on 27 October 2016 in accordance with the August announcement of the impending sale.
Following the successful conclusion of the final formalities, Ulrich Waldschmidt, the Chairman of the Board, announced the details of the development: “Ian George and Anders Eriksson are now the holders of the majority shareholding.”
Manfred Utsch, he said, no longer holds any shares in the company, but his association with the company will continue. A consultancy agreement has been signed with Manfred Utsch, who will be available in future for representative functions on behalf of the Management Board.
The new ownership structure will also be reflected in the composition of the Supervisory Board. Ulrich Waldschmidt will continue to be Chairman, but Hans-Peter Kahnt and Volker Kunze, the previous members, are stepping down. Ian George and Anders Eriksson have been appointed to the Supervisory Board in their place.
There will also be a change in the composition of the Management Board. Marc Nedecky, CFO, will be leaving Erich Utsch AG at his own request at the beginning of 2017. However, continuity of the work of the Management Board will not be interrupted, as, according to Ulrich Waldschmidt: “The negotiations with his successor have been concluded, and we will soon be issuing a statement.”
In view of the coming changes, he continued, it was important for him as Chairman to pay tribute again to the work of those leaving: “I wish to thank most sincerely my fellow members of the Supervisory Board, Hans-Peter Kahnt and Volker Kunze, and also Marc Nedecky, for their trusting and constructive cooperation during the past few years, including in particular during the sales negotiations. Without their commitment and competence it would not have been possible to set the right course so smoothly, for the hopes and aspirations for the future of Erich Utsch AG.”
Ulrich Waldschmidt went on, “The sale opens up new opportunities and possibilities for Erich Utsch AG, and these will ensure the ongoing growth of the company. At the same time, the sale provides long term security for the operations in Siegen and for our hard-working and loyal employees.”
Ulrich Waldschmidt concluded: “With its new owners, the Erich Utsch AG company will continue to be a strong, internationally-orientated firm with great potential for development.”