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MAN TRUCK & BUS IS NOW A EUROPEAN STOCK CORPORATION

Date: 20 Mar 2019 Author Type: Press Release
Author: MAN South Africa
Source: MAN South Africa
Change entered in the commercial register
Commercial vehicle manufacturer MAN Truck & Bus has become a European stock corporation. The change of the company’s legal form from a German stock corporation (AG) to a European SE (Societas Europaea) was officially completed with the entry in the commercial register.

The SE as legal form reflects the company’s international identity and, unlike the German AG form, offers more flexibility when it comes to filling Works Council and Supervisory Board positions. Changing the company’s legal form to an SE gives employees from all countries in Europe the chance to participate in codetermination.

MAN Truck & Bus SE is a wholly owned subsidiary of MAN SE, making it one of the strong pillars of TRATON SE.

“By changing the legal form of MAN Truck & Bus to an SE, we are emphasizing its international aspirations. This enables us to present a uniform image in cooperation with the other Group companies. The new legal form embodies the diversity that characterizes both our company and our business,” says Joachim Drees, Chief Executive Officer of MAN Truck & Bus and member of the Executive Board of TRATON SE.

Dr. Carsten Intra, Chief Human Resources Officer and Arbeitsdirektor (Executive Board member responsible for employee relations) at MAN Truck & Bus and Executive Board member for HR and IT at TRATON, adds: “The involvement of employees from all over Europe is an important step. As a top employer, it is important to us that all employees are included – regardless of where in the world they work for MAN. The new legal form is a formal way of showing this.”

Saki Stimoniaris, Chairman of the General Works Council of MAN Truck & Bus and TRATON, also supports this step: “Strong brands need strong codetermination. Together with colleagues from the whole of Europe, we are now expanding the foundation of our existing codetermination. With this, we will continue to find clever and sustainable solutions in the interests of all of us at MAN in the future.”

MAN Truck & Bus AG’s change of legal form to an SE will lead neither to the company’s dissolution nor to the formation of a new legal entity. The company will therefore not lose its legal or economic identity.