Kaba shareholders give green light for merger between Dorma and Kaba
Zurich/Ennepetal, 22 May 2015. At the Extraordinary General Meeting of Kaba Holding AG, the merger of Dorma and Kaba announced on 30 April 2015 was approved by a large majority.
The planned merger will give rise to a global top 3 company for security and access solutions with pro-forma sales of just under 2 billion euros and around 16,000 employees. Thanks to their complementary portfolios, Dorma and Kaba can offer a comprehensive array of products and services from a single source and reinforce their presence in all key markets.
“The vote of the Kaba shareholders is clear evidence of trust and confidence in our mutually developed project and a key milestone towards creating a leading provider of security and access solutions,” said Thomas P. Wagner, CEO von Dorma. “Together, we can provide even better service to meet market and customer needs across the globe. We’re taking this unique opportunity to open up significant additional growth potential.”
“We will now do our utmost to implement the merger efficiently and further develop the new company. We are convinced that we will be successful in creating the added value we envisage, and that all stakeholders – shareholders, clients, partners and employees – will be able to participate in this,” said Ulrich Graf, Chairman of the Board of Directors of Kaba Holding and designated Chairman of the Board of Directors of the future dorma+kaba Holding.
Dorma shareholder family reinforces long-term entrepreneurial commitment
Moreover, the General Meeting elected Dorma shareholders Christine Mankel and Stephanie Brecht-Bergen (née Mankel) as well as Dr. Hans Gummert, Chairman of the Supervisory Board of the Dorma Group, to the future Board of Directors of the dorma+kaba Holding. Accordingly, following this merger between the two companies, the Mankel/Brecht-Bergen family has three of ten seats on this body.
In the coming days, the Mankel/Brecht-Bergen family will subscribe to 380,000 registered shares from the authorized capital of the Kaba Holding. It will then hold 9.1 percent of the shares in Kaba and the future dorma+kaba Holding, respectively. Together with the existing family shareholders of Kaba, the Mankel/Brecht-Bergen family will form a strong anchor shareholder group that has affirmed its long-term entrepreneurial commitment.
The resolutions passed at the Extraordinary General Meeting of Kaba will come into effect upon completion of the merger. This is planned for the third quarter of 2015, subject to the approval by the competition authorities.
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