Polytec (Hörschung / Austria; www.polytec-group.com) will not now be transferring all facilities operated by its subsidiary Peguform (Bötzingen / Germany; www.peguform.de) to entrepreneur and major shareholder Stefan Pierer – see Plasteurope.com of 07.05.2009. Polytec has announced that it is to retain the site in Weiden / Germany and Peguform Composites (Chodová Planá / Czech Republic). Both joined Peguform in 2002 when it took over Mitras Automotive Deutschland. They will be a key strategic element in raising the market share of Polytec’s automotive composites division.

The remaining Peguform facilities are to be transferred to an independent company headed by Pierer and Rudolf Knünz. In return, the Polytec shares currently held by Pierer and Knünz will go to one of the Austrian creditor banks, which will provide operational financing for Polytec in the future. Peguform will assume liabilities of EUR 173m relating to financing of the purchase price. The restructuring of Polytec, which has already been approved by all parties involved, will reduce its debt to EUR 76m.

The Austrian media reports that Pierer’s shares are to be transferred to a legal entity to be named by Raiffeisenlandesbank. Reports indicate that the owner will be Automotive Consulting, which is currently being established, headed by lawyer Dr. Horst Koch. Koch is also sole shareholder of ACC Kooperationen und Beteiligungen, which has a 48.125% interest in aircraft parts supplier Future Advanced Composite Components (FACC, Ried / Austria; www.facc.at) – see Plasteurope.com of 01.07.2008.