KUKA and Grenzebach reach agreement
On March 25, 2009, following a face-to-face meeting between members of the nomination committee of KUKA Aktiengesellschaft's Supervisory Board, under the chairmanship of Dr. Rolf Bartke, and the representative of the Grenzebach family, Rudolf Grenzebach as well as Bernd Minning, CEO of Grenzebach Maschinenbau GmbH, and Dr. Till Reuter, member of the supervisory board of RINVEST and longtime adviser of the Grenzebach family, the two companies reached consensus on the way forward.
March 27, 2009
KUKA AG and Grenzebach Maschinenbau GmbH found common ground on the key principles of their future strategy and collaboration. Grenzebach and RINVEST assured KUKA that based on their target shareholding of up to 25.1 percent, they would consider two members on KUKA's Supervisory Board as reasonable representation and would not seek to make further changes at the Supervisory Board level during the Annual General Meeting to be held on April 29, 2009. The names of Grenzebach/RINVEST's candidates are Bernd Minning and Dr. Till Reuter. Grenzebach will therefore clarify its amendment proposal, posted to meet the submission deadline, at KUKA's 2009 Annual General Meeting (to be published March 30, 2009 on the Internet). KUKA's business model consisting of two divisions is confirmed. KUKA's strategy to intensify its cooperation with this majority shareholder is therefore taking concrete shape.
KUKA's Supervisory Board will formally address the submitted Grenzebach amendment proposal after its meeting on April 2, 2009. Both parties were very satisfied with the results of the meeting, which proceeded on the basis of mutual respect and renewed trust.
Bernd Minning and Dr. Rolf Bartke stated:
"We are confident that both companies are now well on the way to expanding their longtime partnership and are going to have a broader foundation upon which to base their future strategies."