THE MICROTECHNOLOGY INFORMATION PORTAL/THE SHOW
26.10.2023
J - Service companies
Starrag and Tornos Propose Merger
Boards of Directors of Starrag and Tornos have signed merger agreement
As announced by the two companies on May 30, 2023, Starrag Group Holding AG and Tornos Holding Ltd. have been examining a merger of the two Groups of companies over the past months. Based on the now available positive audit and negotiation results, the two Boards of Directors have entered into a merger agreement on October 25, 2023. Each of the companies will convene an Extraordinary General Meeting. The Boards of Directors of Starrag Group Holding AG and Tornos Holding Ltd. will propose to their respective shareholders that this merger agreement be approved. The Extraordinary General Meeting of Starrag Group Holding AG will take place on November 29, 2023, the Extraordinary General Meeting of Tornos Holding Ltd. on November 30, 2023. Zürcher Kantonalbank acts as Financial Advisors on this transaction.
Management and Governance of the New StarragTornos Group Ltd.
The elected members of the Board of Directors of Starrag Group Holding AG will remain in office until the Annual General Meeting in 2024 even in the event of a merger. In addition to the election to the Board of Directors of StarragTornos Group Ltd., the following incumbent members of the Board of Directors of Tornos Holding Ltd. will be proposed at the Extraordinary General Meeting on November 29, 2023: François Frôté, Till Fust, Michel Rollier. As members of the Executive Board of the new StarragTornos Group are intended: Michael Hauser (CEO), Stéphane Pittet (CFO), Martin Buyle (Division CEO Starrag) and Jens Thing (Division CEO Tornos).
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