EANS-News: Hygiene Austria Update

Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.

Mergers – Acquisitions – Takeovers/Company Information

Lenzing – Last week, Lenzing attempted to take operational control of Hygiene Austria based on the contractual agreement with Palmers. As we have not received full access to important documents and reliable documentation, Lenzing is not in a position to exercise operational management in the interest of Hygiene Austria’s customers and to carry out the intended forensic work for resolving the issues comprehensively and in the required quality.

The documents required for this purpose are for the most part located in Palmers‘ premises, to which Lenzing has been given neither access nor permission to enter. Despite the most intensive use of resources on the part of Lenzing, the urgently required rapid clarification with reliable results was just as impossible as the actual exercise of management. Lenzing therefore considers the responsible authorities to be responsible for dealing with the current allegations. Lenzing will support this process to the best of its ability.

With immediate effect, the nomination of Stephan Sielaff as managing director of Hygiene Austria will be withdrawn and Stephan Trubrich will be removed as managing director. A trustee to be appointed as soon as possible will be entrusted with the administration of Lenzing’s shares in Hygiene Austria.

In the future, Stephan Sielaff will be the sole member of the Managing Board of Lenzing AG responsible for all agendas relating to the investment in Hygiene Austria. Sielaff will coordinate all decisions with the Supervisory Board.

The Hygiene Austria project was co-founded by Lenzing with the deep conviction that Austrian quality could make an important contribution to protecting the population in the biggest pandemic of the last hundred years. The promise „Made in Austria“ was obviously not guaranteed throughout. Comprehensive and unsparing clarification is therefore indispensable.

end of announcement euro adhoc

issuer: Lenzing AG

A-4860 Lenzing
phone: +43 7672-701-0
FAX: +43 7672-96301
mail: office@lenzing.com
WWW: http://www.lenzing.com
ISIN: AT0000644505
indexes: ATX, WBI
stockmarkets: Wien
language: English

Digital press kit: http://www.ots.at/pressemappe/1597/aom