Pierer Industrie

Pierer Industrie AG creates a new strategic holding in which its majority stakes in the automotive segment, namely in Pankl Racing Systems ("Pankl") and SHW AG ("SHW"), will be brought together. Pierer Industrie-Group acquires from KTM Industries AG its entire stake (98.2%) in Pankl, which has its seat in the Styrian city of Kapfenberg and which operates in the business segments racing/high performance and in the aerospace industry, for a purchase price of approximately EUR 130.5 mio. In addition, Pierer Industrie-Group has increased its stake in SHW to more than 50.2% with the purchase offer addressed to the shareholders of SHW (General Standard, ISIN DE000A1JBPV9) that was executed in May 2018 and now holds the majority of the shares of the company. In the segments pumps and engine components as well as brake discs SHW, having its seat in Aalen, is one of the leading suppliers of the automotive and commercial vehicle industry. An automotive group will be established with a turnover of approximately EUR 700 mio. and 3,200 employees. Mag. Wolfgang Plasser, CEO of Pankl Racing Systems AG, and Mag. Klaus Rinnerberger, member of the management board of Pierer Industrie AG, will jointly form the management and future board of the new automotive holding, having its seat in Kapfenberg. DI Stefan Pierer, owner of Pierer Industrie AG, will become chairman of the supervisory board.