Plansee Group sells PMG
[16/12/2011]
The Plansee Group announced its intention to sell PMG back in spring this year, as it plans to focus more strongly on developing its molybdenum and tungsten-based materials in the future. Michael Schwarzkopf, Chairman of the Executive Board comments: “PMG had been part of the Plansee Group for over 50 years, and so we were looking for a buyer who would ensure the sustainable development of the company.”
Albert Frederick Freiherr von Dörnberg, Managing Director of VVG, comments: “We believe that PMG has huge potential. We plan to expand the company by further developing its systems business, strengthening its presence in growth markets, and developing innovative products that meet future transport needs, such as products for electric and hybrid vehicles. PMG also fits in really well with VVG’s industry portfolio.”
About PMG
PMG is a worldwide active supplier to the automotive industry with seven production plants in Spain, Germany, Austria, the USA and China. The company employs 1150 people.
About the Plansee Group
The Plansee Group stands for excellence in powder metallurgy and is one of the leading suppliers of powder metallurgically manufactured products and components. In the 2010/11 fiscal year, the Plansee Group realized consolidated sales of 1.24 billion euros and employed a total of 6,730 people worldwide. The Group’s fiscal year ends on the last day of February.
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