22419 Hamburg, de
+49 (611) 205855-13
KROMI Logistik AG has successfully concluded the capital increase already announced
As a result of the capital increase from authorized capital, based on the resolution of the General Shareholders Meeting dated January 16, 2007, under exclusion of shareholders'
pre-emptive rights by resolution of the Managing and the Supervisory Boards, KROMI Logistik AG's share capital has increased from EUR 3,750,000 to a current total of EUR 4,124,900. The capital increase was entered in the commercial register on June 18, 2009. Application for trading of the new shares on the stock exchange was filed today with the corresponding admission to be expected very soon. The gross proceeds of KROMI Logistik AG, a specialist for the end-to-end supply of tools to the manufacturing sector independent from a specific tool manufacturer, from the capital increase amount to approx. EUR 3.75 million. The funds are to be used to finance the expansion of the anticipated increased business from the future cooperation with IMC, a multinational tool group.
Both partners agreed an extensive strategic alliance on June 17, 2009. As a result of this agreement, IMC is transferring its tool management activities to KROMI. This step will reinforce IMC's position with its tool management customers, allowing it to offer these customers professional, top-quality services. KROMI believes that this cooperation will significantly increase its business potential and reinforce its international strategy. In order to allow the companies to participate jointly in this alliance and to demonstrate its long-term nature, IMC has acquired a 9.09% interest in KROMI.
"This strategic alliance and the fact that a partner geared to the long-term has joined our company mean that we have reached an important new phase in our company's development," commented Jörg Schubert, KROMI Logistik AG's CEO. He added: "IMC has transferred its tool management activities to us because we lead this market. This alliance will allow us to expand our business potential, give us access to new markets, customers and resources, and also clearly signals the success of our business model."
IMC Group profile
The IMC Group with operations in more than 65 countries focuses on developing, producing and selling cutting tools for the global metal removal industry. As a global end-to-end provider, it offers innovative and leading solutions for all branches of industry, through provision of all standard and special cutting tools and tooling solutions, as such are needed over the entire spectrum of users and customers over the world. The IMC Group is one of the world's largest manufacturers and suppliers of carbide cutting tools for the metal removal industry, with a double-digit annual growth, and with a remarkable rise in market share. The IMC Group operates through a large number of well-known and leading manufacturers, such as ISCAR (Israel), Ingersoll (USA, Germany), TaeguTec (Korea, India), Tungaloy (Japan), as well as other satellite niche IMC companies, such as Outiltec (France), Métaldur (Switzerland), Unitac (Japan), IT.TE.DI(Italy), UOP (Italy), Wertec (Italy), Micro-Tools and CTMS (both Israel). Since May 2006, the IMC Group is 80% owned by the US investment company, Berkshire Hathaway, which is controlled by the private US investor, Mr. Warren Buffett. The remaining 20% are held by the company's founders, the Wertheimer family.
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