Tuesday , June 22 2021

Chief of robot builder Kuka is dismissed prematurely «DiePresse.com

The German robot builder Kuka changed his boss for two years after acquiring a Chinese investor. Till Reuter's boarding chairman leaves the company in December as Kuka said on Monday. For the reasons of farewell, the company did not respond. The Kuka share lost 2.5 percent.

A continuous successor has not yet found the Augsburg Group and its main shareholder Midea. On December 6th, Finanzchef Peter Mohnen, the CEO and Kuka manager Andreas Pabst, take over the management of finance. Regularly the Reuter Treaty would have expired only at the end of 2022. Already on Thursday, Kuka had been surprisingly informed that the chairman of the Supervisory Board Andy Gu and Reuter conducted talks on a premature change in the company's headquarters.

The former investment banker Reuter has been at the top of Kuka since 2009 and has made a sign of the German robot industry from a refurbishment case. The 2016 launched and completed acquisition by the domestic appliance manufacturer Midea had fueled a heated debate over Chinese investors in Germany: While critics feared a deduction of know-how and jobs as well as a possible influence of the Chinese state, others would welcome the interest of the donors and emphasize the opportunities for expanding business in the major Chinese market. At Kuka, Reuter had expressed sympathy for Midea's takeover offer – for some too fast. For its own workforce, the manager was dealing with comprehensive employment and site guarantees with the Chinese. These agreements did not change anything from the early departure of Reuter, Kuka explained.

Lastly, Kuka's success line was torn. The stock market value is far below the 4.5 billion euro that Midea had paid. For the first time in ten years, the company expected a decline in sales by 2018 to 3.3 (2017: 3.5) billion euros. Reuter had therefore announced an increase in savings efforts in October.

(APA / Reuters)

Source link