Cologne, Germany, October 16, 2013 – In light of the voluntary takeover offer from AVIC the management board of KHD Humboldt Wedag International AG has taken the decision not to participate in the “Deutschen Eigenkapitalforum” in November in Frankfurt.
In connection with a detailed analysis of projects in the execution phase, errors in the measurement of individual projects in the 2014 financial year have been identified. These errors relate to the US subsidiary of KHD Humboldt Wedag International AG (KHD), Cologne.
Today the Supervisory Board of KHD Humboldt Wedag International AG (KHD), Cologne, appointed Mr. Johan Cnossen (55) as member of the Company’s Management Board, effective May 1, 2015. Mr. Cnossen will serve as Chief Executive Officer (CEO). Currently Johan Cnossen works as Vice President Middle East Operations at Jacobs Inc.
KHD Humboldt Wedag International AG (KHD) has entered into a second € 50 million loan agreement with AVIC International (HK) Group Ltd., Hong Kong, as the borrower.
The loan bears interest at a rate of six percentage points per annum. The term of the loan agreement is three years.