The Executive Board and the Supervisory Board of Funkwerk AG have decided today to go ahead with the merger of Hörmann-Funkwerk Kölleda GmbH registered in Kölleda with and into Funkwerk AG. Funkwerk AG holds the full stake in FWK. Within the framework of the merger, all the assets of FWK will be transferred to the parent company, Funkwerk AG. As a result, FWK will cease to exist once the merger takes effect.
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The Supervisory Board of Funkwerk AG has appointed Mr. Dr Christian Baur (42) to the group’s Executive Board with effect from April 20, 2012. Restructuring expert Dr Baur, Managing Director of consulting firm Alvarez & Marsal Germany, will temporarily reinforce the Executive Board as Chief Restructuring Officer (CRO) to help consistently implement the group’s reorientation.
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Funkwerk AG has won a further order from Deutsche Bahn AG thus continuing the successful operative business of its Traffic and Control Communication Division. The object of the contract is the porting of important parts of the operations control systems currently used for the mainline network and suburban lines to a new system platform.
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The 2011 financial year proved to be a year of radical changes for Funkwerk AG. Embarking on a strategic reorientation, the company set the course for the future, defined appropriate measures, and successfully implemented the first crucial objectives. Fiscal 2012 will see measures rigorously continued and implemented in operations to further improve the group’s competitive strength and maintain its earning power.
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Funkwerk AG today sold all shares in Funkwerk Avionics GmbH, Waal; the subsidiary was taken over by investment and management company DREI Unternehmensbeteiligung GmbH, Lübbecke. The purchase price ranges in the significantly low single-digit millions.
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