Renewal of IPO shareholder agreement at Burckhardt Compression
April 26, 2016 | Ad hoc announcement
The five shareholders who participated in the management buyout transaction in 2002 and who initiated and conducted Burckhardt Compression’s IPO in 2006 have informed the Company that they will extend their shareholder agreement for another five years, to 2021.
As in 2011, the MBO shareholders are again renewing their shareholder agreement with effect from June 1, 2016 and thus underscoring their strong and long-term commitment to the Company. Burckhardt Compression is pleased to retain this stable major shareholder. The shareholder group holds 12.4% of Burckhardt Compression’s outstanding shares.
In April 2002 the Sulzer Corporation divested the Sulzer Burckhardt division through a management buyout. Five members of Sulzer Burckhardt’s management together with the financial investor Zurmont acquired the company. The former Sulzer division has since operated under the name Burckhardt Compression. In June 2006 Zurmont sold its entire stake in Burckhardt Compression through an IPO. At the time of the initial public offering, the five members of management, who then owned 20.9% of the Company’s shares, concluded a shareholder agreement with a five-year term.