MPC Industries Is the New Owner of Ferrostaal

ESSEN, GERMANY—March 8, 2012—With the closing of the deal, Ferrostaal AG officially belongs to MPC Industries GmbH, based in Hamburg, Germany. Following the takeoverk the company will be rebranded to a GmbH and in the future will do business as MPC Ferrostaal GmbH. The company’s headquarters will remain in Essen.

The majority owner of MPC Industries GmbH is Axel Schroeder Sr., together with his sons John Benjamin Schroeder and Axel Schroeder, who together are also the sole shareholders of the MPC Group. A minority share in MPC Industries GmbH is held by an investor group centered around Commodore Constructing Co. in Abu Dhabi, United Arab Emirates.

The Ferrostaal executive board will in the future be headed jointly by John Schroeder (responsible for the Americas) and Klaus Lesker (Asia Pacific and Africa). Acting executive board members Kay Hanns Ewaldsen (COO) and Joachim Ludwig (CFO) will be retained on the new executive board.

CEO Jan Secher will leave the company in accordance with a Change of Control arrangement agreed to by him. Chief Financial Officer Robert Moll has already resigned from his post.

The new executive board of MPC Ferrostaal will continue to operate and expand the core business areas—Plant Construction (Power & Renewables, Petrochemical Industry, Oil and Gas) and Industrial Services (Equipment Solutions and Automotive).

“The company’s DNA is intact. On the basis of our employees’ experience and skills, a strong capital base and a compliance structure which conforms to the most stringent requirements, MPC Ferrostaal will soon be forging ahead at full steam,” declared Schröder and Lesker. “The pleasing volume of incoming orders since the beginning of the year, and a number of promising projects with old and new business partners which are about to be concluded, provide every reason to look optimistically to the future at the start of the new era.”

Source: Ferrostaal.