Burkhard Schuchmann Elected Chairman of the Supervisory Board of Demag Cranes AG
Düsseldorf, 06. March 2008
During its meeting following today's General Meeting, the Supervisory Board of Demag Cranes AG elected Burkhard Schumann (65) as its Chairman with immediate effect. Schuchmann will succeed Reinhard Gorenflos (46) who will continue to be a ordinary member of the Supervisory Board. Gorenflos is partner of the private equity investor Kohlberg Kravis Roberts & Co. (KKR) that divested its entire shareholding in the Company in connection with the initial public offering in June 2006 and a secondary offering in December 2006. The chairmanship election took placed shortly after the General Meeting. At the meeting, Prof. Dr. h.c. Karlheinz Hornung, Robert J. Koehler, Dr. Herbert Meyer and Dr. Martin Posth in addition to Burkhard Schuchmann and Reinhard Gorenflos were elected as the shareholder representatives during the voting procedure for the Supervisory Board (Agenda Item 6).
Burkhard Schuchmann has gained almost forty years of experience in industry and operates currently as Vice Chairman of the Board of the Spanish company Patentes Talgo SA, a manufacturer of locomotives and train equipment. Previously, he held positions, amongst others, as Chairman of the Management Board of Vossloh AG.
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 port automation technology. Services, in particular maintenance and refurbishments, 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, representative offices and a joint venture. In financial year 2006/2007, the Group, with its 5,813 employees, generated revenue of around EUR 1,080 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 included in the SDAX share index.
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.