More than 1,500 shareholders and guests attended the Annual General Meeting of FUCHS PETROLUB AG in the Rosengarten Congress Center in Mannheim. With a total presence of 44.9% and 80.8% of ordinary share capital with voting rights represented,the proposals by the management were approved unanimously or by a large majority.
Beside approval of the actions of the Supervisory Board and Executive Board this also included the resolution on payment of a 60% higher dividend. The dividend per preference share therefore increases by EUR 1.00 to EUR 2.70 and the dividend per ordinary share increases by EUR 1.00 to EUR 2.64. Stefan Fuchs, Chairman of the Executive Board, pointed out in his annual report that this dividend payment was an expression of the management's confidence in being able to successfully shape the company's future.
In order to facilitate continuity and invigoration of the Supervisory Board, Professor Dr. Jürgen Strube and Professor Dr. Bernd Gottschalk both stepped down from their positions on the Supervisory Board at FUCHS PETROLUB at the end of the Annual General Meeting. Professor Strube had been Chairman of the Supervisory Board for eight years and Professor Gottschalk had worked on the Supervisory Board for 16 years. Newly elected members were Dr. Jürgen Hambrecht, who held the post of Chairman of the Executive Board at BASF SE up to May 6 of this year, and Ines Kolmsee, Chairman of the Executive Board at SKW Stahl-Metallurgie Holding AG. Following the Annual General Meeting, the Supervisory Board appointed Dr. Jürgen Hambrecht as its new Chairman.
The Annual General Meeting also approved re-division of the share capital through a share split at a ratio of 1:3. The Executive Board and Supervisory Board believe that this measure will make the FUCHS PETROLUB shares even more attractive, particularly for private investors. As a result of the proposed measure, each holder of ordinary shares and each holder of preference shares in the company will now receive three no-par-value shares with a nominal value of EUR 1.00 each instead of one no-par-value share.
The resolutions on amendment of Supervisory Board compensation and not providing individualized disclosure of the remuneration received by members of the Executive Board were also approved with large majorities.
In his annual report, Stefan Fuchs indicated that the company has for many years been successfully pursuing the strategies of focusing on niches and specialties, maintaining proximity to customers throughout the world and engaging in powerful, innovative research and development. In undertaking these tasks, FUCHS relies on a network of companies, facilities and technology centers in the world's main markets, as well as on a team of specialists and committed, expert and loyal employees, all of whom work toward the agreed goals based on the FUCHS corporate culture and value. Stefan Fuchs added that this individuality is unique and creates value. With expansion of this business base and strengthening of its worldwide resources, FUCHS is also taking important steps to securing the continued positive development of the company.
Mannheim, May 11, 2011
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Germany
Tel.: ++49 (0) 621 3802-1124
The information below can be accessed at the following web addresses:
Press release:
www.fuchs-oil.com
Press photos:
www.fuchs-oil.com/pressphotos.html
Important note:
This press release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS PETROLUB AG. Even if the management is of the opinion that these assumptions and estimates are accurate, future actual developments and future actual results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can include changes in the overall economic climate, changes to exchange rates and interest rates, and changes in the lubricants industry. FUCHS PETROLUB AG provides no guarantee that future developments and the results actually achieved in the future will match the assumptions and estimates set out in this press release and assumes no liability for such.