Sulzer Appoints Dittrich as Interim CEO
The Board of Directors of Sulzer was surprised to hear of Klaus Stahlmann's personal decision to step down as CEO of Sulzer AG. The Board of Directors acknowledges Mr. Stahlmann's contribution to Sulzer's realignment, but in the interests of maintaining clarity and focus on the management of the company it has released Mr. Stahlmann with immediate effect. The Board of Directors appointed the CFO of Sulzer, Thomas Dittrich, in addition to his duties as CFO to the Group’s interim CEO, also with immediate effect. Thomas Dittrich, 51, holds Master of Science degrees in Mechanical Engineering (Dipl. Ing. Univ) as well as in Finance, Accounting, and Business Administration (HSG) and is Group CFO since August 2014.
Sulzer Sells Of Its Metco Division To Oerlikon
Sulzer has successfully completed the sale of its Metco division to Oerlikon. This sale was announced on January 31, 2014. The transaction is based on an enterprise value of CHF 1 billion. Sulzer’s net cash proceeds after all taxes will be approximately CHF 850 million. Sulzer CEO Klaus Stahlmann said, “This transaction is an important step towards focusing Sulzer’s activities on three attractive key markets—oil and gas, power, and water. After the divestment, almost 80 percent of Sulzer’s sales are in the three key markets. Sulzer intends to use the funds generated from the divestment for targeted acquisitions and further investments towards organic growth in these pivotal markets.
Merger Complete: MAN Diesel & Turbo SE
The merger announced between MAN Diesel SE and MAN Turbo AG to form MAN Diesel & Turbo SE, based in Augsburg, is now complete, the corresponding entry having been made in the register of companies. The process of amalgamating the two former MAN sister companies into one enterprise has thus been achieved. In economic terms, the merger has come into effect retroactively as of 1 January 2010. By combining the complementary product portfolios of the two firms, the merged company will be striving for growth and looking to strengthen its position in the relevant market segments. “The merger now having become effective, the MAN Group will be seeking to pool its expertise in large bore diesel engines and power plants with its strengths in compressor and turbine technologies…
Merger of MAN Diesel and MAN Turbo
MAN Diesel SE and MAN Turbo AG are to work more closely together in future with the aim of forming a merger with each other under corporate law. By combining the product portfolios, the merged company will strive for further growth and a stronger position in its respective market segments. “This will allow the MAN Group to combine the engine and power plant expertise of the Diesel Engines business area with the compressor and turbine technology of the Turbomachinery business area to form a strong Power Engineering unit for the long term,” said Håkan Samuelsson, Chairman of the Executive Board of MAN SE. MAN Diesel provides large-bore diesel engines for use in ships and power plants, while MAN Turbo specializes in the development and construction of compressors, gas and steam turbines.
