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Mutares SE & Co. KGaA
Legal Proceedings Report • Aug 31, 2018
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Legal Proceedings Report
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Corporate | 31 August 2018 20:00
Mutares AG: Subsidiary Zanders GmbH withdraws application for restructuring in self-administration
DGAP-News: Mutares AG / Key word(s): Miscellaneous
31.08.2018 / 20:00
The issuer is solely responsible for the content of this announcement.
Mutares AG: Subsidiary Zanders GmbH withdraws application for restructuring in self-administration
- Zanders GmbH withdraws application for self-administration after the preliminary committee of creditors rejected the restructuring concept
- Since its acquisition by Mutares AG, Zanders GmbH has grown its turnover by an average of 12 percent per year
Munich, August 31, 2018 – Mutares AG (ISIN: DE000A0SMSH2) announces that its subsidiary Zanders GmbH has today withdrawn its application for restructuring under its own management.
Prior to this, the Zanders management had come to the justified conclusion that the provisional creditors’ committee, rejecting the presented restructuring concept in its own management, favoured other solutions for the creditors and the company. The decision on further proceedings will be taken by the competent court at the beginning of September 2018.
Since the takeover of Zanders GmbH by Mutares AG in 2015, both sales and net profit have improved significantly as part of the turnaround strategy. Joint efforts by employees and management reduced personnel costs and opened up new business areas through investment in research and development. The site was significantly modernized to increase competitiveness and invested in a new, company-owned gas power plant to sustainably reduce operating and production costs. Despite considerable success, the manufacturer of high-quality specialty papers was not able to compensate for the permanently high costs for company pensions and the sharp rise in raw material prices over the last 12 months.
For Mutares AG, the changed procedure for the 2018 financial year will not have a material impact on the Group’s annual result or the most recently published net asset value.
Company profile of Mutares AG
Mutares AG, Munich ( www.mutares.com ), acquires medium-sized companies and parts of groups that are sold during a repositioning and have a clear potential for operational improvement. Mutares actively supports develops its portfolio companies with its own investment and operational professionals as well as through acquisitions of strategic add-ons. The aim is to achieve a significant increase in value focusing on sustainable growth of the portfolio company. Mutares AG shares are traded on the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A0SMSH2).
Contact:
Mutares AG
Corinna Lumpp
Manager Investor Relations & Strategy
Tel.: +49 (0)89 9292 776-0
Email: [email protected]
Contact Press
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel.: +49 (0)89 8982 7227
Email: [email protected]
31.08.2018 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.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | Mutares AG |
| Arnulfstr.19 | |
| 80335 Munich | |
| Germany | |
| Phone: | +49 (0)89-9292 776-0 |
| Fax: | +49 (0)89-9292 776-22 |
| E-mail: | [email protected] |
| Internet: | www.mutares.de |
| ISIN: | DE000A0SMSH2 |
| WKN: | A0SMSH |
| Indices: | Scale 30 |
| Listed: | Regulated Unofficial Market in Berlin, Frankfurt (Scale), Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |