Changes to the Supervisory Board of Demag Cranes AG
Düsseldorf, 22. October 2010
- Jens Tischendorf, Partner of Cevian Capital, to succeed Dr. Martin Posth
- Major shareholder supports Management Board in increasing the Company’s value
Jens Tischendorf, a partner at Cevian Capital and responsible for the equity investor’s German business, has been appointed to the Supervisory Board of Demag Cranes AG with immediate effect. He will be replacing Dr. Martin Posth, who had been a member of the Supervisory Board since 2006 until he recently resigned his seat.
Burkhard Schuchmann, Chairman of the Supervisory Board, comments on the change: “We want to thank Martin Posth for the expertise he offered our Company during a challenging phase. In future, he will remain linked to our Company as an advisor. At the same time, we are pleased to have the opportunity to work with Jens Tischendorf. We are certain that his know-how and experience will contribute to the ongoing successful development of Demag Cranes AG.”
Cevian Capital announced in May 2010 that it had acquired ordinary shares of Demag Cranes AG exceeding the threshold of ten percent, making Cevian the largest single shareholder of the Company. As to his appointment to the Supervisory Board, Jens Tischendorf says: “I am pleased to be involved in the further development of Demag Cranes as a member of the Supervisory Board. Convinced of the technological and innovative leadership of Demag Cranes, Cevian continues to have every confidence in the ongoing success of the strong Demag and Gottwald brands.”
Demag Cranes, as an autonomous Company, has a considerable value-creation potential. Cevian will continue to support the Management to increase the Company's fundamental value. “As shareholders, we see the recent preliminary and conditional indications of interest as a clear sign of the attractiveness of Demag Cranes”, stresses Tischendorf.
About Demag Cranes AG
The Demag Cranes Group is one of the world’s leading suppliers of industrial cranes and crane components, harbour cranes and terminal automation technology. Services, in particular maintenance and refurbishment, are another key element of the Group’s business activities. The Group is divided into the business segments Industrial Cranes, Port Technology and Services and has strong and well-established Demag and Gottwald brands. Demag Cranes sees its core competence in the development and construction of technically sophisticated cranes and hoists as well as automated transport and logistics systems in ports and terminals, the provision of services for these products and the manufacture of high-quality components.
As a global supplier, Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries, agencies and a joint venture. In financial year 2008/2009, the Group, with its 5,934 employees, generated revenue of EUR 1,047.6 million. Since the end of June 2006, the Demag Cranes share (WKN: DCAG01) has been listed in the Prime Standard of the German Stock Exchange and is traded on various indices including the MDAX®.
Demag Cranes. We Can Handle It.
Conditions for forward-looking statements
This press release contains forward-looking statements relating to the business, financial performance and earnings of Terex Material Handling & Port Solutions AG and its subsidiaries and associates. Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of Terex Material Handling & Port Solutions AG. Consequently, actual developments as well as actual earnings and performance may differ materially from those which are explicitly or implicitly assumed in the forward-looking statements. Terex Material Handling & Port Solutions AG does not intend or accept any obligation to publish updates of these forward-looking statements.