Siemens AG named two new executives to run Mannesmann Plastics Machinery AG, with help from top officials of four MPM member companies, in a new management structure set to begin Feb. 1.
In other news, Siemens wants to buy the 10 percent of stock in MPM unit Netstal-Maschinen AG that is traded on the Swiss Stock Exchange.
Siemens is holding on to the plastics equipment giant for now, after a deal to sell MPM fell apart last October. Siemens still plans to sell MPM in the future.
The six MPM companies make equipment under the brands of Krauss-Maffei, Van Dorn Demag, Netstal, Demag Ergotech, Berstorff and Billion. MPM holds about a 20 percent global market share for injection molding machines, according to industry estimates.
Siemens, based in Munich, Germany, announced the management changes Dec. 21.
The new MPM chairman, Pepyn-Rene Dinandt, is a newcomer to plastics machinery. A Siemens spokesman said Dinandt is an executive at Siemens' Power Transmission and Distribution. Before joining Siemens, he worked at McKinsey & Co., a management consulting firm.
Holger Engelmann moves from another MPM management post to become the new chief financial officer. He replaces Gerhard Becker, who moves to CFO of Demag Ergotech GmbH in Schwaig, Germany. The change marks a homecoming for Becker, who was Demag Ergotech's commercial director before he was promoted to the MPM-level position in 1999.
Henning Scheele remains in charge of human resources for the 6,800-employee MPM.
Dinandt, Engelmann and Scheele fill out the top management board. Advising them will be a four-member executive board of top executives from four of the six MPM member companies: Helmar Franz of Demag Ergotech; Wilhelm Schroder of Munich-based Krauss-Maffei Kunststofftechnik GmbH; Dieter Klug of Netstal in Nafels, Switzerland; and Manfred Reichel of Berstorff Gmb, based in Hanover, Germany.
Meanwhile, Siemens is making an offer to buy the outstanding shares of Netstal. Siemens currently holds 89.8 percent of the shares. Siemens said the offer is scheduled to run from March 13-26.
At the end of that period, if Siemens holds more than 98 percent of Netstal's voting rights, the selling shareholders will have the option of taking payment in cash or stock in Infineon Technologies AG. Siemens spun off its Infineon semiconductor business in 1999. In 2000, the company did an initial public offering on the Frankfurt Stock Exchange.
Siemens said the Swiss government exempted it from making an offer to the public shareholders last year, because all of MPM was for sale. But since that exemption expired Dec. 31, Siemens announced the current offer Dec. 28.
Siemens is characterizing the offer as a housekeeping move. In its announcement, the company said: ``The full takeover of Netstal has no strategic significance for Siemens. The company holds to its declared goal of completely selling the MPM Group.''