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    LNZ   AT0000644505

LENZING AG

(LNZ)
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Delayed Wiener Boerse  -  11:35 2022-06-24 am EDT
79.20 EUR   +4.49%
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PRESS RELEASE : Lenzing AG / Lenzing update on Hygiene Austria

04/02/2021 | 04:01am EDT
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  Corporate news transmitted by euro adhoc with the aim of a Europe-wide 
  distribution. The issuer is responsible for the content of this announcement. 
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Joint Ventures/Cooperation/Collaboration 
 
 - 
 
* Quality of the delivered masks checked and assured 
* Certification granted following audit 
* Top management replaced 
* New call for tenders to provide personnel services 
* Lenzing is transferring its shareholding to Palmers to ensure continuity 
 
 
Lenzing - Over the past four weeks, Lenzing AG has worked intensively together 
with Palmers Textil AG to address the allegations concerning Hygiene Austria LP 
GmbH. Lenzing concluded that measures had to be taken immediately in light of 
the state of its public image. The following steps have been or will be taken in 
cooperation with Palmers Textil AG: 
 
 
  1. There is no longer any doubt about the excellent quality of the masks: The 
     masks manufactured in Austria as well as those from China have been 
     examined once again and judged to be technically flawless in every respect. 
  2. CE certification has been secured: In another audit carried out by the 
     Hungarian test center Gépteszt on March 25, 2021, the quality of the 
     production and the type examination was confirmed once again. This means 
     that the future certification of the FFP2 masks produced by Hygiene Austria 
     is ensured by the CE mark. 
  3. The managing director positions have been filled with new people: Effective 
     April 2, 2021, two experienced, external executives, namely Claudia 
     Witzemann and Michael Schleiss, have been appointed to serve as the new 
     managing directors of Hygiene Austria. 
  4. A new tendering procedure for providing personnel services will be held 
     without delay: The new top management will be able to rely on temporary 
     workers that meet the highest quality demands. 
  5. Lenzing and Palmers have agreed that the principle underlying the founding 
     of Hygiene Austria - to establish an excellent company to supply protective 
     masks for Austria - must be upheld as quickly as possible and in a way that 
     is also sustainable. 
  6. Along with the performance specifications needed to ensure the sound and 
     continuing existence of the company as a going concern, the two 
     shareholders have agreed that Lenzing's stake in Hygiene Austria will be 
     transferred to Palmers. Lenzing will waive its right to a suitable purchase 
     price for the time being in order to ensure the continued existence of 
     Hygiene Austria in line with its founding principle. In turn, this should 
     enable Palmers to provide further funding to the company. 
 
 
"Following several extremely intense weeks, I am pleased to report that we have 
pinpointed the primary deficiencies and have made every effort to deal with them 
in cooperation with Palmers. Accordingly, we have put in place a framework for 
consistently professional management, outstanding quality assurance, and good 
working conditions", said Stephan Sielaff, member of the Managing Board of 
Lenzing AG who was charged by the Supervisory Board to review and deal with the 
events related to Hygiene Austria. 
 
Lenzing stands for strong values and an internationally recognized process and 
governance system. However, mistakes were made in implementing the business idea 
of Hygiene Austria. The Managing Board of Lenzing AG will draw the necessary 
lessons for the future in consultation with the Supervisory Board. For example, 
a comprehensive investment management system will also be established for small 
projects. 
 
 
 
Further inquiry note: 
Lenzing Corporate Communications 
c/o Vetter & Partner 
Johannes Vetter 
E-mail:   lenzing@vetterpartner.com 
Phone:    +43 664 88578 224 
 
end of announcement                         euro adhoc 
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(END) Dow Jones Newswires

April 02, 2021 04:00 ET (08:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES INDUSTRIAL 2.68% 31500.68 Real-time Quote.-16.11%
LENZING AG 4.49% 79.2 Delayed Quote.-37.87%
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Financials
Sales 2022 2 592 M 2 734 M 2 734 M
Net income 2022 140 M 148 M 148 M
Net Debt 2022 1 460 M 1 540 M 1 540 M
P/E ratio 2022 15,0x
Yield 2022 2,31%
Capitalization 2 103 M 2 218 M 2 218 M
EV / Sales 2022 1,37x
EV / Sales 2023 1,19x
Nbr of Employees 8 164
Free-Float 43,1%
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Number of Analysts 4
Last Close Price 79,20 €
Average target price 126,60 €
Spread / Average Target 59,8%
EPS Revisions
Managers and Directors
Stephan Sielaff Chief Executive & Financial Officer
Thomas Cord Prinzhorn Chairman-Supervisory Board
Helmut Bernkopf Member-Supervisory Board
Georg Liftinger Member-Supervisory Board
Johann Schernberger Member-Supervisory Board
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