KSB AG plans to change legal form into SE & Co. KGaA
KSB Aktiengesellschaft, the parent company of the KSB Group, intends to convert into a partnership limited by shares [Kommanditgesellschaft auf Aktien – KGaA] as per mid-year 2017. This was decided by the company’s Board of Management and Supervisory Board on 12 January 2017. The resolution on the change of legal form is planned to be passed by the Annual General Meeting of KSB AG on 10 May 2017 in Frankenthal. At the AGM, about 80 percent of the ordinary shares with voting rights are represented by Klein Pumpen GmbH, which is majority-owned by the non-profit KSB Stiftung [KSB Foundation].
The general partner [Komplementär] of KSB SE & Co. KGaA would be a management company whose shares would be held by a new KSB Stiftung subsidiary to be established. An Administrative Board of the general partner with executive and non-executive directors would manage KSB SE & Co. KGaA and thus also the KSB Group.
The planned change of legal form is designed to enable KSB to better cope with capital market activity, while securing its corporate independence. In addition, the KSB Group aims to open up new strategic options in the long term, for example with a view to potential acquisitions and mergers.