Dr. Kay Michel leaves SKW Group after successfully closed restructuring

  • CEO steps down from office after five years by May 31, 2019
  • Dr. Michel: “Today SKW is again a healthy business group in operational and financial terms.”

Munich, February 28, 2019
– Dr. Kay Michel will leave SKW Group by May 31, 2019 in order to take new professional tasks. CEO of SKW Stahl-Metallurgie Holding AG has communicated such to the Company’s Supervisory Board. Dr. Michel was appointed CEO of the metallurgy specialist on April 1, 2014 and has been acting as sole member of the executive board since November 1, 2015.

During his duty SKW Group has been comprehensively restructured in operational and financial terms, such after a failed business expansion strategy. This succeeded in a very challenging international steel market environment. The restructuring program initiated by Dr. Michel in 2014 comprehended the divestment of unprofitable assets, removal of relevant balance sheet risks, focus of SKW on potential key markets, numerous process optimizations and cost reductions. Today SKW operates again profitably.

A special challenge was the financial restructuring of SKW Holding. Under the aegis of Dr. Michel in mid-2017 the Company was able to agree with the finance creditors on a comprehensive debt relief and recapitalization. Due to the obstruction of a group of shareholders such concept had to be implemented finally by means of an Insolvency Plan Procedure, such successfully closed by January 31, 2019. After a swap of an essential part of the finance debt into equity, now 100 % of SKW shares belong to US-Investor Speyside Equity.

“SKW is greatly obliged to Dr. Michel. His long lasting experience in managing special business situations was an essential factor that we were able to implement successfully the lengthy restructuring of SKW Group”, comments Dr. Michael Seppelt, Chairman of the Supervisory Board. “The Supervisory Board would like to thank Dr. Michel for his guidance of SKW during challenging times and insolvency. We wish him only to best for his professional and private path of live. Dr. Michel’s stewardship of SKW provides a basis on which to build a strong company. Together, we believe that the company will perform better and be focused on providing excellent service and solutions to customers.”, adds Eric Wiklendt, Member of the Supervisory Board and Director of Speyside Equity.

Dr. Kay Michel: “I am very happy and thankful to be able to say that SKW today is again a profitable, financially healthy und promisingly positioned company. So my set target has been achieved and it is the right time to take new tasks. I convey my heartfelt thanks to all teams and all employees with whom I was able to implement this difficult restructuring in the last five years. I am very confident that positioning of SKW group in the market under the aegis of Speyside will continue to be sustainably reinforced.“

Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Telefon: +49 89 99 24 96 30
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About SKW Stahl-Metallurgie Holding AG and the SKW Metallurgie Group
The SKW Metallurgie Group is a global market leader for chemical additives for hot metal desulphurization and for cored wire and other products for secondary metallurgy. The Group’s products enable steel-makers to efficiently manufacture high-quality steel products. Clients include the world's leading companies in the steel industry. The SKW Metallurgie Group has more than 50 years of metallurgical know how, and currently operates in more than 40 countries. What is more, the Group is a leading supplier of Quab specialty chemicals, which are mainly used in the global production of industrial starch for the paper industry. The SKW Metallurgie Group is headquartered in Germany with production facilities in France, the US, Canada, Mexico, Brazil, South Korea, Russia, the Peoples' Republic of China and India (joint venture).