PRESS RELEASE
from Hüttenwerke Königsbronn GmbH
Hüttenwerke Königsbronn - HWK 1365, the oldest industrial entreprise in Germany, goes public
EQS-Media / 22.04.2024 / 11:03 CET/CEST
Hüttenwerke Königsbronn - HWK 1365, the oldest industrial entreprise in Germany, goes public
Königsbronn, April 22, 2024 – As a result of the planned merger between AVIR Walze Holding GmbH, parent company of Hüttenwerke Königsbronn GmbH, and Terentius SE (WKN: A3CMG8; ISIN: DE000A3CMG80), Germany's oldest industrial company will be opening up to the capital market. The listed entity resulting from the merger, which will be listed on the Düsseldorf stock exchange, will be called HWK 1365 and has the legal form of an European "société europénne".
The miracle of Königsbronn
Following the "Miracle of Königsbronn" (SWR report: https://youtu.be/p_jQhgpEh00?si=-6E9Rkf-Lir8T2dH) in 2019, the rescue from an almost hopeless position, this marks the next milestone in the company's recenteventful history. Hüttenwerke Königsbronn, formerly known as “Schwäbische Hüttenwerke”, can look back onto a long tradition dating back to the year 1365. In this year, Emperor Charles IV granted mining rights for the extraction of iron ore to the Cistercian monks of then Königsbronn; iron ore was once found in the Ostalb region.
World market leader and debt-free
Today, HWK 1365 is the world's leading supplier of large calander rolls, a high-tech product of German mechanical engineering that is indispensable for the production of high-quality paper and cardboard. The profitable company is debt-free and is growing not only with the world's largest manufacturers of paper machines, but also in other sectors such as the food industry.
Employees hold a 33.34% stake in the company
In addition to the two major shareholders CElf GmbH and Wolf Waschkuhn, the employees involved in the resurrection of the business by way of an asset deal in 2019 will hold a 33.34% stake in the company. The tireless, joint efforts and considerable financial commitment of shareholders, management and employees, who made concessions in terms of remuneration, were the basis for the renewed going concern of the long-established business in Königsbronn. IG Metall Heidenheim and the works council played a significant role in this success story.
New Board of Directors
The future Board of Directors of HWK 1365 SE will be made up of three members: Wolf Waschkuhn (also executive director), Frank Günther and Roman Zitzelsberger. Roman Zitzelsberger was formerly area director of IG Metall (the German metal workers union) in Baden-Württemberg and is currently also a member of the Supervisory Board of Mercedes-Benz Group AG, which was spun off from Daimler AG at the end of 2021, and Deputy Chairman of the Supervisory Board of ZF Friedrichshafen AG.
External research - price target €80
Equity research is available from mwb Research AG. It is intended to list the shares in the primary market segment of the Düsseldorf Stock Exchange and in electronic share trading on the Frankfurt Stock Exchange.
About Hüttenwerke Königsbronn / HWK 1365 SE:
HWK 1365 SE (HWK) dominates the market for large calander rolls with a length between 6 and 12 meters, a diameter of up to 1.80 meters and a shipping weight of up to 40 tons, as required for the most efficient paper machines. All leading paper machine manufacturers are customers of HWK and HWK's market share in this niche is estimated to be in the region of 80%. The interaction between the foundry to produce the desired material properties and the subsequent precision machining is extremely complex and requires in-depth and partially proprietary know-how built up over decades.
This publication constitutes neither an offer to sell nor a solicitation to buy securities.
Company contact:
Hüttenwerke Königsbronn GmbH / HWK 1365 SE
Dr. Heiko Hesemann / Wolf Waschkuhn
investorrelation@hwk1365.de
- Hüttenwerke Königsbronn goes public
- World market leader for calander rolls
- Hidden champion with tradition since 1365
- Reverse IPO through contribution to Terentius SE and renaming to HWK 1365 SE
- Ad-hoc of Terentius SE from 22.04.2024 (https://www.eqs-news.com/de/news/adhoc/terentius-se-terentius-se-plant-erwerb-der-huettenwerke-koenigsbronn-gmbh-umfirmierung-in-hwk-1365-se-sowie-personelle-veraenderungen-in-den-organen-geplant/2038417)
Königsbronn, April 22, 2024 – As a result of the planned merger between AVIR Walze Holding GmbH, parent company of Hüttenwerke Königsbronn GmbH, and Terentius SE (WKN: A3CMG8; ISIN: DE000A3CMG80), Germany's oldest industrial company will be opening up to the capital market. The listed entity resulting from the merger, which will be listed on the Düsseldorf stock exchange, will be called HWK 1365 and has the legal form of an European "société europénne".
The miracle of Königsbronn
Following the "Miracle of Königsbronn" (SWR report: https://youtu.be/p_jQhgpEh00?si=-6E9Rkf-Lir8T2dH) in 2019, the rescue from an almost hopeless position, this marks the next milestone in the company's recenteventful history. Hüttenwerke Königsbronn, formerly known as “Schwäbische Hüttenwerke”, can look back onto a long tradition dating back to the year 1365. In this year, Emperor Charles IV granted mining rights for the extraction of iron ore to the Cistercian monks of then Königsbronn; iron ore was once found in the Ostalb region.
World market leader and debt-free
Today, HWK 1365 is the world's leading supplier of large calander rolls, a high-tech product of German mechanical engineering that is indispensable for the production of high-quality paper and cardboard. The profitable company is debt-free and is growing not only with the world's largest manufacturers of paper machines, but also in other sectors such as the food industry.
Employees hold a 33.34% stake in the company
In addition to the two major shareholders CElf GmbH and Wolf Waschkuhn, the employees involved in the resurrection of the business by way of an asset deal in 2019 will hold a 33.34% stake in the company. The tireless, joint efforts and considerable financial commitment of shareholders, management and employees, who made concessions in terms of remuneration, were the basis for the renewed going concern of the long-established business in Königsbronn. IG Metall Heidenheim and the works council played a significant role in this success story.
New Board of Directors
The future Board of Directors of HWK 1365 SE will be made up of three members: Wolf Waschkuhn (also executive director), Frank Günther and Roman Zitzelsberger. Roman Zitzelsberger was formerly area director of IG Metall (the German metal workers union) in Baden-Württemberg and is currently also a member of the Supervisory Board of Mercedes-Benz Group AG, which was spun off from Daimler AG at the end of 2021, and Deputy Chairman of the Supervisory Board of ZF Friedrichshafen AG.
External research - price target €80
Equity research is available from mwb Research AG. It is intended to list the shares in the primary market segment of the Düsseldorf Stock Exchange and in electronic share trading on the Frankfurt Stock Exchange.
About Hüttenwerke Königsbronn / HWK 1365 SE:
HWK 1365 SE (HWK) dominates the market for large calander rolls with a length between 6 and 12 meters, a diameter of up to 1.80 meters and a shipping weight of up to 40 tons, as required for the most efficient paper machines. All leading paper machine manufacturers are customers of HWK and HWK's market share in this niche is estimated to be in the region of 80%. The interaction between the foundry to produce the desired material properties and the subsequent precision machining is extremely complex and requires in-depth and partially proprietary know-how built up over decades.
This publication constitutes neither an offer to sell nor a solicitation to buy securities.
Company contact:
Hüttenwerke Königsbronn GmbH / HWK 1365 SE
Dr. Heiko Hesemann / Wolf Waschkuhn
investorrelation@hwk1365.de
Issuer: Hüttenwerke Königsbronn GmbH
Key word(s): Industry
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