10/13/2011

WITTENSTEIN AG: Capital stock doubled to 50 million euros

The WITTENSTEIN Group has paved the way for further growth: at the recent shareholders' meeting, a resolution was passed to double the company's capital stock to 50 million euros.

Against the background of record sales of 197 million euros in the 2010/11 fiscal year and the rise in the equity ratio to just under 50%, and in anticipation of further growth, the WITTENSTEIN Group shareholders' meeting has passed a resolution to increase the company's capital stock from 25 to 50 million euros.

The objective of this step is to lay the foundation for leveraging additional market potential; at the same time, it represents a vote of confidence in the continued constructive and successful collaboration of the entire WITTENSTEIN staff and the Board of Management.

"We, the WITTENSTEIN family, wish to send out a strong signal to customers, suppliers and colleagues that sustainable development and secure jobs are matters close to our hearts", says Dr. Anna-Katharina Wittenstein, speaking on behalf of the WITTENSTEIN Group shareholders.

Dr. Manfred Biehal, Chairman of the Supervisory Board, likewise sees this increase in capital stock as the outcome of corporate principles based on sustainable value development: "We are fully committed to WITTENSTEIN's employees and innovative ideas. The potential for success – and the economic unknowns – are enormous, which is why it is a good thing for the money to be ploughed back into the company. With its sound capital base and highly qualified team, WITTENSTEIN is optimally equipped to face the challenges of the future", he adds.