Since the end of 2013, beleaguered Austrian EPS converter and machine manufacturer Hirsch Servo (Glanegg; www.hirsch-gruppe.com) has a new majority owner. Despite an improved performance during the first half of 2013, the company was struggling to find its way out of the red. In late December, Swiss investor Lifemotion (Melide) acquired 51% of the company's shares from Kurt Hirsch Holding GmbH, which still owns 11% of the shares. The purchase price was set at EUR 3.92 per share, thus totalling almost EUR 2m. Lifemotion will soon make a similar purchase offer to all remaining shareholders to acquire the rest of the company.

As part of the takeover, Lifemotion has granted the company a EUR 5m unsecured shareholder loan. In addition, it has purchased loan claims against the Austrian converter totalling EUR 24m at a symbolic price of EUR 1. Lifemotion is overseen by Matthias Calice, who, according to a Hirsch Servo media release, has a long career of helping turn large companies around financially. The Swiss investor has requested that an Extraordinary General Meeting take place as soon as possible. The sole item on the agenda is the removal of the current supervisory board members excluding the works council representative, with Calice on a short list of board replacements for approval. At the end of February, the company is expected to present the results for the first six months of fiscal year 2013/14.