Dr. Kay Michel leaves SKW Group after successfully closed restructuring

Dow Jones received a payment from EQS/DGAP to publish this press release.

DGAP-Media / 2019-02-28 / 12:32 
 
*- CEO steps down from office after five years by May 31, 2019* 
 
_- _Dr. Michel: "Today SKW is again a healthy business group in operational 
and financial terms." 
 
_Munich, February 28, 2019_ - Dr. Kay Michel will leave SKW Group by May 31, 
2019 in order to take new professional tasks. CEO of SKW Stahl-Metallurgie 
Holding AG has communicated such to the Company's Supervisory Board. Dr. 
Michel was appointed CEO of the metallurgy specialist on April 1, 2014 and 
has been acting as sole member of the executive board since November 1, 
2015. 
 
During his duty SKW Group has been comprehensively restructured in 
operational and financial terms, such after a failed business expansion 
strategy. This succeeded in a very challenging international steel market 
environment. The restructuring program initiated by Dr. Michel in 2014 
comprehended the divestment of unprofitable assets, removal of relevant 
balance sheet risks, focus of SKW on potential key markets, numerous process 
optimizations and cost reductions. Today SKW operates again profitably. 
 
A special challenge was the financial restructuring of SKW Holding. Under 
the aegis of Dr. Michel in mid-2017 the Company was able to agree with the 
finance creditors on a comprehensive debt relief and recapitalization. Due 
to the obstruction of a group of shareholders such concept had to be 
implemented finally by means of an Insolvency Plan Procedure, such 
successfully closed by January 31, 2019. After a swap of an essential part 
of the finance debt into equity, now 100 % of SKW shares belong to 
US-Investor Speyside Equity. 
 
"SKW is greatly obliged to Dr. Michel. His long lasting experience in 
managing special business situations was an essential factor that we were 
able to implement successfully the lengthy restructuring of SKW Group", 
comments *Dr. Michael Seppelt, Chairman of the Supervisory Board.* "The 
Supervisory Board would like to thank Dr. Michel for his guidance of SKW 
during challenging times and insolvency. We wish him only to best for his 
professional and private path of live. Dr. Michel's stewardship of SKW 
provides a basis on which to build a strong company. Together, we believe 
that the company will perform better and be focused on providing excellent 
service and solutions to customers.", adds *Eric Wiklendt, Member of the 
Supervisory Board and Director of Speyside Equity*. 
 
*Dr. Kay Michel:* "I am very happy and thankful to be able to say that SKW 
today is again a profitable, financially healthy und promisingly positioned 
company. So my set target has been achieved and it is the right time to take 
new tasks. I convey my heartfelt thanks to all teams and all employees with 
whom I was able to implement this difficult restructuring in the last five 
years. I am very confident that positioning of SKW group in the market under 
the aegis of Speyside will continue to be sustainably reinforced." 
 
*Contact* 
Frank Elsner 
Frank Elsner Kommunikation für Unternehmen GmbH 
Telefon: [phone] 
E-Mail: [e-mail] 
Internet: www.skw-steel.com [1] 
 
*About SKW Stahl-Metallurgie Holding AG and the SKW Metallurgie Group* 
The SKW Metallurgie Group is a global market leader for chemical additives 
for hot metal desulphurization and for cored wire and other products for 
secondary metallurgy. The Group's products enable steel-makers to 
efficiently manufacture high-quality steel products. Clients include the 
world's leading companies in the steel industry. The SKW Metallurgie Group 
has more than 50 years of metallurgical know how, and currently operates in 
more than 40 countries. What is more, the Group is a leading supplier of 
Quab specialty chemicals, which are mainly used in the global production of 
industrial starch for the paper industry. The SKW Metallurgie Group is 
headquartered in Germany with production facilities in France, the US, 
Canada, Mexico, Brazil, South Korea, Russia, the Peoples' Republic of China 
and India (joint venture). 
 
*Disclaimer* 
 
This press release may include certain forward-looking statements which are 
based on currently available assumptions and predictions of the SKW 
Metallurgie Group's management as well as on other currently available 
information. Various identified as well as unidentified risks and 
uncertainties as well as other factors may result in a deviation of actual 
results, financial situation, development or achievement of the company 
compared to the assessments made herein. SKW Stahl-Metallurgie Holding AG 
does not intend and assumes no liability to update such forward-looking 
statements and to adjust them to future events and developments. 
 
End of Media Release 
 
Issuer: SKW Stahl-Metallurgie Holding AG 
Key word(s): Industry 
 
2019-02-28 Dissemination of a Press Release, transmitted by DGAP - a service 
of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
The DGAP Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
782311 2019-02-28 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e1533592b5009e9827df96a86baf969c&application_id=782311&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

February 28, 2019 06:32 ET (11:32 GMT)