Pfleiderer AG plans to convert its legal form to a GmbH

Feb 22, 2013. /Lesprom Network/. Pfleiderer AG in Düsseldorf has decided to convert its legal form from that of a public limited company (German “Aktiengesellschaft” or AG) to a limited liability company (German “Gesellschaft mit beschränkter Haftung” or GmbH), as the company said in a press release received by Lesprom Network. The background to this decision is that in 2012 Pfleiderer successfully completed its financial reorganisation and strategic refocusing process. In this regard, trade in Pfleiderer AG’s shares was terminated. The new sole owner is the investment company Atlantik S.A. in Luxemburg. The conversion of the legal form will result in a considerable simplification in structures and internal processes and therefore save time and money. Due to the size of the company, that employs more than 2,000 people in Germany, the future Pfleiderer GmbH will remain a company subject to German employee co-determination law with a supervisory board made up of twelve members, half of which will be employee representatives. The change in legal form will be recorded in the commercial register shortly. Michael Wolff, spokesman for the Pfleiderer AG board of management: “The conversion to a limited liability company will considerably simplify cooperation between the shareholders and the board of management. Nothing will change Pfleiderer GmbH’s function as a pure investment holding without any operational business”. The Pfleiderer Group is one of the european leading manufacturers of engineered wood and surface finished products.