Volker and Norman Kronseder arrange transfer of shares to their children

Securing a seamless succession, both Volker Kronseder, Chairman of the executive board and his brother Norman, who is a member of the supervisory board, have made arrangements to ensure that their shares are transferred to their children, the manufacturer of beverage filling and packaging machines, Krones, said on 23 October 2013.

According to a press release, the two have signed agreements that comply with current tax and legal requirements. Volker Kronseder has placed shares in a foundation for this purpose.

The company said that the existing pooling agreement, under which the voting rights of all members of the Kronseder family and their enterprises are exercised as a voting trust, remains unaffected by the transfer agreements. This way, the Kronseder family retains a 51.85 percent stake and remains the majority shareholder of Krones.