Plansee Group sells PMG

The purchaser is the Essen-based asset management company Erben Dr. Karl Goldschmidt GmbH

The sale was announced at the beginning of the year in the light of the Plansee Group's decision to focus more closely on the global development of its molybdenum and tungsten groups of materials in the future.

Plansee Group CEO, Dr. Michael Schwarzkopf, explains: "PMG has been part of the Plansee Group for more than 50 years and so we wanted to find a purchaser who would look to develop the company in the long term."

According to Albert Frederick Freiherr von Dörnberg, Managing Director of the asset management company: "We believe that PMG is a company with great potential. The continued expansion of its systems business, its heightened presence in growth markets and product innovations to meet the mobility demands of the future, for example in the field of electric and hybrid vehicles, provide a solid basis for our expansion plans. At the same time, PMG dovetails perfectly with the asset management company's industry portfolio.

About PMG:

PMG is a globally active supplier to the automotive industry with seven production sites in Spain, Germany, Austria, USA and China. The company employs 1150 people worldwide.

About the Plansee Group:

The Plansee Group is synonymous with outstanding performance in the powder metallurgy field and is one of the world's leading manufacturers of powder metallurgy products and components. In fiscal year 2010/11, the Plansee Group, with its 6,730 employees, achieved consolidated sales of 1.24 billion euros. The fiscal year closes on the last day of February.