Winterthur, Switzerland – Today May 13, 2011 is the first trading day of automobile industry supplier Autoneum’s shares on the SIX Swiss Exchange (ticker symbol: AUTN). This Rieter Group spin-off company with registered offices in Winterthur is a global leader in automotive acoustic comfort and thermal insulation systems for the leading automobile producers.
After approval by the Rieter Holding Ltd Annual General Meeting on April 13, 2011 of the Board proposal to split the Rieter Group, the two divisions Automotive Systems and Textile Systems became separate listed companies per May 13, 2011 with their own shareholders and managements. Their independent status and focus on their respective sectors will enhance the market opportunities and development possibilities of both businesses and enable greater transparency for investors.
For each Rieter Holding share held per reference date (May 12, 2011 after close of trading), Rieter shareholders automatically received one gratuitous Autoneum share in form of a special dividend. As of today May 13, 2011 the 4‘672‘363 Autoneum registered shares in total, each with par value CHF 0.05, are listed as per Main Standard and traded on the SIX Swiss Exchange, and included in the Swiss Performance Index (SPI).
Further strengthening of Autoneum’s market positioning
This new company aims to systematically strengthen its market positioning and improve profitability to create sustainable added value for shareholders.
“As an independent company listed on the SIX Swiss Exchange, Autoneum benefits from greater flexibility and can better exploit opportunities arising on the automotive market”, says Autoneum board chairman Hans-Peter Schwald. CEO Martin Hirzel emphasizes in this connection Autoneum’s large and varied customer base, which includes the largest automobile producers worldwide: “We aim to systematically enhance Autoneum’s leadership position, make full use of growth potential, and sustainably improve profitability”.
After implementing this separation, Rieter Holding now focuses on continuing its Textile Systems division as an independent company. Rieter Holding shares are listed as before on the SIX Swiss Exchange (ticker symbol RIEN) and included in the SPI.
Board of directors and management
As of May 13, 2011 Autoneum and Rieter Holding each have their own independent board of directors and management.
The Autoneum Group Executive Board comprises Martin Hirzel (CEO), Urs Leinhäuser (CFO & Deputy CEO) and the four business group heads Charles Fäh (Business Group Europe), Richard Derr (Business Group North America), Uwe Trautmann (Business Group Asia) and Martin Hirzel (Business Group SAMEA).