MAN Diesel SE – A New European Company

Tuesday, February 21, 2006
MAN Aktiengesellschaft is intending to convert its Diesel Engines Business Area into a European Company (Societas Europaea) in the course of this year. At the same time, MAN B&W Diesel AG in Augsburg is to be renamed "MAN Diesel SE". "In a European Company we will think and act on an even more international scale, which is absolutely essential in the face of global competition," explained Håkan Samuelsson, Executive Board Chairman of MAN AG, at a press conference in Munich.

A Societas Europaea (SE) is a corporate form under European law. This new legal form will allow for stronger integration of MAN´s international business activities.

The MAN Diesel SE boards will be international bodies. While retaining its parity structure, the supervisory board should in future include members from other European countries in addition to employee representatives from Germany. The SE works council will also be made up of international representatives. The corporate centre for the new MAN Diesel SE will be located in Augsburg.

The MAN B&W Diesel Group is the world´s leading supplier of heavy diesel engines. The company develops two-stroke and four-stroke engines (1,080 to 136,000 HP), turbochargers and marine propellers. MAN´s diesel division employs some 6,700 people in Germany, Denmark, the United Kingdom, France, the Czech Republic and in China. MAN B&W Diesel was formed in 1979 following takeover of the Danish engine manufacturer, Burmeister and Wain (B&W) by MAN. Purchase of a heavy-engine producer in England followed in 2000. The MAN B&W Diesel Group also includes the Czech company, PBS Turbo and a majority holding in the French heavy-diesel manufacturer, S.E.M.T. Pielstick.

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