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Shareholders’ meeting at Wattens: Paul Swarovski’s group reported their rejection of structural reform, CEO Buchbauer saw the “overwhelming majority” behind him and the process completed by the end of the year.
8:57 pm, September 4, 2020
There were different interpretations from internal company opponents around the Swarovski crystal group shareholders’ meeting. CEO Robert Buchbauer saw a large majority of shareholders and the advisory board behind his plans and announced that he wanted to stick to a realignment.
A The “family group” around Paul Swarovski, however, informed the APA that the leadership had lost votes. in the assembly of approximately 75 members. “Authorization to bring” the Crystal division’s Wattener operations under the umbrella of a Swiss holding company was on the agenda. “with the opposing voices of the family” was successfully avoided – and with it the “proposed variant of structural reform”. The “opponents” are primarily the “Fritz tribe”, which owns 18.7 percent of the shares. At the meeting, the group accounted for about 20 percent of the shares. As unanimity would have been necessary, the leadership project was shot down, he said. This also applies to the “outsourcing” of Optik and Tyrolit to Switzerland.
“Clear commitment to location”
In a transmission in which he made a “summary” of the meeting, Buchbauer stayed with his writing of the last days: “Today’s meeting was the next important step in a comprehensive and intensive process,” adding: “We will continue to pursue our goal with all our strength and responsibility.” Preparatory work for the planned structural change would continue as planned, should be underway before the end of the year, the CEO repeated his announcement before the meeting. At the meeting there was once again a clear commitment to location by company management: “Our message to all who fear Wattens location is clear: Wattens is not losing its status or importance and is essential to the Swarovski reboot. “
The group of Paul Swarovski also considered that the changes in the structure and the adaptation measures were “very necessary”. “Our side has made sensible and feasible alternative proposals for this.”he told the APA. From the group’s point of view, Wattens “will remain not only a location or ‘main location’, but the company headquarters and the location of the production of components for the irreplaceable B2B business with the corresponding capabilities.”
The glass company announced in July that it would cut another 1,000 of the 4,600 jobs that still exist at Wattens in the fall. In the medium term, some 3,000 people would work at the headquarters. Because by 2022, the workforce is expected to decrease by another 600 positions.
