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Klotz Digital AG Restructures, Seeks New Investors

Klotz Digital AG Restructures, Seeks New Investors

Klotz Digital AG this week announced a restructuring. Its stated goals: increase in operational efficiency, install a more transparent cost structure and give financial independence to subsidiaries.
It will now act as a holding company overseeing three independent subsidiaries. Two are Klotz Digital America and Klotz Digital Asia-Pacific, already in existence. Now the company adds Klotz Digital Europe GmbH, a subsidiary in Munich that will also handle the Middle East and Africa.
“The objective … is to separate international strategic management from regional operational management,” stated Thomas Klotz, CEO. The holding company maintains control over R&D and production of products, the firm said.
The company also issued a statement about its financial backers:
“Klotz Digital AG also announced a restructuring of its shareholdings. After a long-standing relationship, Klotz Digital AG and its institutional investors are going separate ways. ‘The principle reason for this is the closure of the funds their investments were held in. Both institutions have decided not to stand in the way of the company’s further growth,’ Klotz explained.”
The company’s statement continued:
“Klotz Digital AG claims to have orders in hand in excess of 9 million Euro and says that it plans for an annual turnover of over 20 million Euro in its current financial year ending March 2004 (previous year: 17 million Euro). ‘To finance our continued growth rate, we required additional investment that could not be provided by our current shareholders,’ said Klotz. … Intensive negotiations with potential investors have been underway for some time and are expected to be concluded shortly. An additional round of investment is scheduled for later in the year, according to Klotz.”