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SMT & Inspection | January 30, 2006

More job cuts at Steag HamaTech

German based equipment maker Steag HamaTech with restructuring and further staff reduction. New majority shareholder, changes in Supervisory Board and CEO Dr Reineck (on the picture) leaves the company.
Management Board of STEAG HamaTech has decided to cease commercialisation of equipment from the Pre-recorded Media Equipment business unit. In 2005, STEAG HamaTech successfully achieved a market share of 15% in the Pre-recorded segment. However, the company does not expect to be in the position to defend or improve its market position in the current business year and thereby increase earnings in order to break even. It will continue to provide service and spare parts to existing customers.

In the light of continuously weak demand for equipment for recordable formats as well as the restructuring, Management Board has decided to adapt the organisation of STEAG HamaTech group to the modified market environment. Therefore, further cuts in personnel and other fixed costs at the total amount of approximately EUR 5 million will become necessary. Management thus intends to promptly take action and to enter into negotiations for a redundancy programme with the works council at the Sternenfels location. The cost structure of the group's subsidiaries will also be critically reviewed.

The sale and purchase agreement entered into by SES Beteiligungs-GmbH, Essen - the previous majority shareholder of STEAG HamaTech AG - and SINGULUS Technologies AG, Kahl am Main, on 6 November 2005, has become legally effective. Thus, with effect from today 66.28% of STEAG HamaTech shares have been transferred from SES Beteiligungs-GmbH, Essen to SINGULUS Technologies AG, Kahl a.M., thus making it the new majority shareholder of STEAG HamaTech AG. The execution of the sale and purchase agreement does not affect the public tender offer of SINGULUS Technologies AG to STEAG HamaTech shareholders. The time limit stipulated for acceptance of this tender offer will expire on 1 February 2006, 5:00 PM (Central European Time).
The previous members of the Supervisory Board Dr Jürgen W. Stadelhofer (Chairman), Dr Hans-Georg Betz (Vice-Chairman), Michael Schilling, Dr Andreas Urban, Heribert Protzek and Dr Andreas von Zitzewitz resign from the Supervisory Board of STEAG HamaTech AG. In order to maintain the quorum of Supervisory Board until this year's General Meeting, Management Board of STEAG HamaTech AG will file an application in line with Article 104, Section 1 of the German Stock Corporation Act for the appointment of three new members of Supervisory Board at the local court in Pforzheim. The Management Board of STEAG HamaTech AG will propose Roland Lacher, Chief Executive Officer of SINGULUS Technologies AG, Stefan A. Baustert, Chief Financial Officer of SINGULUS Technologies AG and Klaus Hammen, Executive Vice President Marketing & Sales of SINGULUS Technologies AG, for the appointment.

Dr Stefan Reineck, Chief Executive Officer of STEAG HamaTech AG, at his own request forbears from renewing his contract expiring on 31 March 2006. Dr Reineck's resignation has been mutually agreed with the Supervisory Board.

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