KLÖCKNER & CO: TRANSFORMATION INTO A EUROPEAN COMPANY (SE) CONCLUDED
- Klöckner & Co AG is now known as Klöckner & Co SE
- Significant step in company’s history
With the entry into the Commercial Register of the Duisburg Municipal Court today, the transformation of Klöckner & Co Aktiengesellschaft into a European Company (Societas Europaea, SE) was concluded. Thus, as of August 8, 2008, the company is known as Klöckner & Co SE. "The legal form of the SE is an expression of a modern, entrepreneurially spirited Europe. For an international company like Klöckner & Co, it represents a significant step in the company’s history,” said Dr. Thomas Ludwig, Chairman of the Management Board of Klöckner & Co SE.
The company’s headquarters will remain in Duisburg. The two-tier system of Supervisory Board and Management Board will remain in effect as well. The members of the AG’s Management Board and the AG’s Supervisory Board, which will continue to have no employee representatives, will also be members of the corresponding boards in the SE. The elections for the new SE Works Council, which will consist of up to 21 members from 14 EU countries, will be held soon. No other changes will be made within the Group as a result of the conversion.
With the conclusion of the transformation process, the shareholders of Klöckner & Co AG have automatically become shareholders of Klöckner & Co SE. The shares of Klöckner & Co SE will continue to be listed on the stock markets where Klöckner & Co AG shares were traded.