Business News

BÖWE SYSTEC has found a new sole shareholder – the Lübeck industrial holding L. Possehl & Co. mbH

Thursday 18. November 2010 - Continuing along its path of growth, the Lübeck-based Possehl Group acquired the business operations of the Augsburg-based company BÖWE SYSTEC AG i.I., formerly listed in the SDax, together with its global distribution network before yesterday. The acquisition of BÖWE SYSTEC is still awaiting approval by the German Federal Cartel Office.

This means that the Augsburg Head Office of the BOWE SYSTEC Group and its global sales and service companies are now part of an industrial group with over 7,000 employees and annual sales of around € 1.7 billion. L. Possehl’s shareholder is the charitable Possehl Foundation in the Hanseatic City of Lübeck. The foundation, founded in 1919, supports both social and cultural projects and a range of educational projects in the Hanseatic City.

The strongly diversified Possehl Group already owns several mechanical engineering companies and, thanks to its broad portfolio, even gained a positive result in the crisis year of 2009, making a substantial dividend available to the foundation. Possehl as a partner is oriented to the long-term, which will give the BOWE SYSTEC Group the financial stability it needs in the future.

The purchase price was paid in such a way that the validity of the contracts is solely dependent on the approval of the cartel authority. The stake in the American BÖWE BELL + HOWELL is not the purpose of the transaction for the time being. Possehl acquired an option to buy these shares and the shares of the Lasermax Roll Systems Group.

Uwe Lüders, Chairman of the Executive Board of L. Possehl & Co. mbH, describes the development as follows: “The acquisition of BÖWE SYSTEC embodies the continuation of our strategy of sustainable growth, including through the acquisition of new divisions. BÖWE has outstanding products, a very good market position, highly-qualified employees, and a global distribution network. We are convinced that, on this foundation and under the umbrella of Possehl, we can take the company back to the good results it achieved before the onset of the economic crisis.”