The shares, which were purchased in 2006, will be sold back to the minority shareholders.
Proffessor Matthias Niemeyer, CEO of KHS, said: “In spite of considerable efforts, and combining considerable management resources, the joint venture has been unable to achieve KHS’ set goals regarding profitability and growth in sales in the years in which we have been working together.
“The optimisation of the production network which, in addition to the plants in Germany, is made up of manufacturing plants in Brazil, USA, Mexico and India, is part of the Fit4Future programme that has already been introduced.
“This programme essentially intends to reduce complexity and, in the future, will lead to a further improvement in KHS’ results.”
Spare parts and service for machines, lines and systems from the GLM2 joint venture will continue to be provided by GLM2. In future, KHS intends to have certain system parts for glass lines in the low and medium capacity range manufactured under contract at GLM2.
Source: Salzgitter
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