HUBER+SUHNER: Decisions of the Board of Directors
Two important resolutions were passed today at the meeting of the Board of Directors of HUBER+SUHNER. The Board of Directors proposes that Jörg Walther be elected as a new Board Member in place of Dr. Peter Altorfer, who will not stand for re-election at the Annual General Meeting in April 2016. As a result of a further resolution, the company will part with the last non-strategic business unit, the Composites division in Fehraltorf.
Change to the Board of Directors
After 21 years of service as a Member of the Board of Directors of HUBER+SUHNER AG, Dr. Peter Altorfer has decided not to stand for re-election at the Annual General Meeting in April 2016. The Board of Directors will propose to the shareholders that Jörg Walther be elected as a new Board Member.
Peter Altorfer has served on the Board of Directors of HUBER+SUHNER since 1995. He has played an active role in shaping the company's successful re-alignment to electrical and optical connectivity as well as fulfilling his task as Chairman of the Audit Committee with a great sense of responsibility. The Board of Directors would like to thank Peter Altorfer for his valuable commitment and to express its genuine appreciation.
We are again fortunate to have a highly experienced, dynamic individual like Jörg Walther agree to stand for election to the Board of Directors. Jörg Walther completed his legal studies at the University of Zurich in 1989 and was admitted to the bar one year later. The 54-year-old Swiss citizen has an MBA from the University of Chicago and has been a partner at Schärer Attorneys at Law in Aarau since 2010. His many years of experience with industrial companies, extensive experience as a lawyer and as a member of the boards of directors of both listed and unlisted companies make Jörg Walther an ideal candidate for the Board of Directors of HUBER+SUHNER.
Sale of the Composites unit to Connova AG
With a view to ensuring consistent alignment to the 3x3 strategy in the field of electrical and optical connectivity, a contract has been signed regarding the sale of the last non-strategic activity, the fiber composites business in Fehraltorf. The division, which is set to generate net sales of approximately CHF 4 million in the current year, is to be transferred by the end of 2015 to Connova AG, a leading provider of customised composite components in Villmergen. The parties to the transaction have agreed not to disclose any information on the purchase price.
The decision represents a positive, forward-looking solution for all parties concerned. The innovative composite fiber products will strengthen the new proprietor’s core business. Customers will continue to be served by a Swiss company, and for the company’s staff of around 20 employees, the change is associated with a 12-month job guarantee made by Connova AG.
Leiterin Corporate Communication
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Press release Decisions of the Board of Directors