Sale of significant parts of Loewe to German group of investors

Kronach, (PresseBox) - A group of investors comprised of German family-business entrepreneurs and former Apple and Bang & Olufsen senior managers and the Executive Board of Loewe AG have today reached an agreement to acquire significant parts of Loewe by way of an asset deal. Thus, continuity of the Loewe traditional brand in German hands has been secured. Alongside the new corporate head office in Munich, the development centres in Kronach and Hanover, as well as central business functions at the main site in Kronach, will also remain in place. A strong focus on advanced home entertainment and digital lifestyle products as well as the expansion of the strategic partnership with Chinese technology supplier Hisense are part of the new owners' future strategy. The amount of the agreed purchase price was not disclosed. Following the transaction, Loewe AG shall be delisted and liquidated in due time.

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