As of July 1st, the Mainz-based company previously known as SCHOTT GLAS is a stock corporation (AG). With its entry into the Mainz trade register as "SCHOTT AG," the conversion process is now complete.
The Carl-Zeiss-Stiftung (Foundation) shall remain the sole stockholder of SCHOTT AG. Stock may not be sold, meaning that SCHOTT AG will not be floated on the stock exchange.
Dr. Udo Ungeheuer, Chairman of the Management Board, made the following comment on the wrap-up of the conversion: "Becoming a stock corporation will make a crucial contribution toward consolidating our strategic competitive position worldwide."
The conversion to a stock corporation heralds a number of strategically important changes for SCHOTT as a multinational, technology-based group: the company's new legal form is accepted and recognized on an international scale, making business activities abroad much easier. SCHOTT also becomes subject to corporate governance in line with the company's size and international standing. The conversion of SCHOTT GLAS into a legally independent stock corporation also terminates the joint liability with its sister company Carl Zeiss (Oberkochen), which also became a stock corporation today.
There are two key advantages for employees: in future, all SCHOTT employees located in Germany can vote for the employee-elected representatives on the codetermined Supervisory Board of SCHOTT AG. In addition, the employees' rights stipulated in the Carl Zeiss Foundation's new statute are being extended to all employees in Germany.
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