EANS-News: Lenzing AG Lenzing reacts to changed market environment, upgrading
of production and sales operations
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Board of Directors (Appointments and Changes)
Lenzing (euro adhoc) - -Lenzing Management Board to be expanded to four members
-CFO Thomas Winkler steps down effective at the end of the year
As a result of the changed market environment, the company's production
operations as well as marketing and sales activities will be upgraded. In the
future Lenzing's Management Board will consist of four instead of three members.
CEO Peter Untersperger will not only be supported by a Chief Financial Officer
and a Chief Operating Officer for Production, but also a Chief Sales and
Marketing Officer.
The global market environment in the viscose fiber segment remains challenging
for Lenzing, the world market leader. Excess production capacity has been built
up due to the weaker growth in China and the ongoing investment activity in the
fiber industry. Lenzing has decided to even more rigorously implement its
specialty strategy in response to the changed business environment. In turn,
this has led to a restructuring of the Management Board. Chief Operating Officer
Friedrich Weninger, who has responsibility for the company's global fiber
business, will focus more intensely on Lenzing's core activity of production
effective immediately. This step is particularly necessitated in the light of
the coming on stream of theTENCEL®production plant at the Lenzing site,
involving planned investment costs of EUR 150 mn. The new facility, which is
already expected to be put into operation in 2014, will increase production
capacity for this specialty fiber by about 40% to a level of 220,000 tons
annually. The future Chief Sales and Marketing Officer will ensure the optimal
marketing of the additional production volumes.
In mutual agreement with the Supervisory Board, Thomas G. Winkler, Chief
Financial Officer of Lenzing AG, will step down from his position on the
Management Board effective at the end of 2013 because of differing opinions
related to the future course and organization of the Lenzing Group. Mr. Winkler
has agreed to serve the company in an advisory capacity for another year.
"Lenzing achieved the best results in the history of the company in 2011 and
2012. We owe this success also to the successful capital measures which took
place under the leadership of Thomas Winkler, to whom I would like to express
our wholehearted thanks and appreciation on behalf of the Supervisory Board",
states Michael Junghans, Chairman of the Supervisory Board of Lenzing AG. In
2011 Lenzing successfully carried out a Re-IPO, and issued a corporate bond the
year before and a German Private Placement in 2012. On balance, these capital
measures raised some EUR 400 mn in fresh capital, and resulted in a fundamental
reorientation of the company's capital structure.
Further inquiry note:
Lenzing AG
Mag. Angelika Guldt
Tel.: +43 (0) 7672-701-2713
Fax: +43 (0) 7672-918-2713
mailto:a.guldt@lenzing.com
end of announcement euro adhoc
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company: Lenzing AG
A-A-4860 Lenzing
phone: +43 7672-701-0
FAX: +43 7672-96301
mail: a.guldt@lenzing.com
WWW: http://www.lenzing.com
sector: Chemicals
ISIN: AT0000644505
indexes: WBI, ATX, Prime Market
stockmarkets: free trade: Berlin, official market: Wien
language: English