Pfleiderer Restructuring Continues With Vote

Neumarkt, Germany, July 22, 2011 -- Pfleiderer AG shareholders approved a capital cut and a subsequent capital increase of up to $144 million.

The shareholders’ approval was a prerequisite for implementing the restructuring concept presented in May, which aims to relieve debt and institute a series of measures to reorganize the company’s operations.

As a result of the capital cut, shareholders will initially retain only around 0.8% of current equity.

In return, they will have the opportunity to increase this share to about 16% by way of a capital increase.

The group’s financial restructuring remains on schedule with this move, the company said.