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[November 2000]
Degussa-Hüls' shareholders approve the merger with SKW Trostberg AG
On Friday 20 October, the vast majority of shareholders of Degussa-Hüls AG voted in favor of the merger with the chemicals company SKW Trostberg AG of Trostberg, Germany. 99.96 percent of the Degussa-Hüls' shareholders represented at the Extraordinary General Meeting in Frankfurt approved the merger.
Degussa-Hüls' CEO Prof. Utz-Hellmuth Felcht outlined the reason for the merger: "The aim is to create the world's leading specialty chemicals company." Both companies are entering the merger from a strong position. As Prof. Felcht explained: "Together, we want to establish a completely new, dynamic company with a clear and consistent focus on high-earning specialty chemicals operations. Because specialty chemicals mean higher profitability, above-average growth and lower cyclical exposure."
The new company is scheduled to start operating in December 2000. According to Prof. Felcht, the future Degussa AG will have roughly 63,000 employees and report sales of around EUR 14 billion.
ENDS