Ad-hoc | 16 December 2002 11:29

voestalpine AG english

Resolution on changes in the Managing Board of voestalpine AG adopted Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Resolution on changes in the Managing Board of voestalpine AG adopted Linz (voestalpine, 16 December 2002) Today (Monday) the Supervisory Board of voestalpine AG has passed a resolution on changes in the composition of the Groups Managing Board. As from 1 January 2003, the size of the Managing Board will be increased from four to six persons: Dipl.-Ing. Josef Mülner has been designated as a member and Dipl.-Ing. Franz Hirschmanner as a deputy member of voestalpine AGs Managing Board. In addition, a partial reallocation of the functions within the Managing Board will enter into force as well. The reasons for this increase in the size of the Managing Board are mainly due to the strong expansion of the voestalpine Group during the past years. The turnover for instance, which was at EUR 2.5 billion in 1995, the year of the initial public offering, will amount to more than EUR 4.2 billion by the end of the current business year. During the same period, the number of employees increased from 15,000 to 22,000 while the number of shareholdings rose from 80 to more than 240. In addition, these changes are connected with the medium-term succession planning in the Managing Board. Moreover, voestalpine will, over the next eight years, realize the largest private investment program in Austrias economic history (Linz 2010) with a volume of nearly EUR 2 billion. end of ad-hoc-announcement (c)DGAP 16.12.2002 ——————————————————————————– WKN: 093750; ISIN: AT0000937503; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München, Stuttgart; London 161129 Dez 02