Traton – formerly Volkswagen Truck and Bus AG – says it has formally undertaken the transformation into a European company. It's the latest change in what can be interpreted as steps towards an eventual spin-off.
After its entry into the commercial register, which is expected to take place in a few weeks, the company will operate under the name "Traton SE" – reflecting the group's international identity. Traton expects the company's new legal form to yield positive effects: "The SE business form gives us the opportunity to even more closely integrate the regional companies within the Traton Group and position ourselves even better in the global arena with a European corporate identity," said Andreas Renschler (Traton chairman).
The Annual Shareholders Meeting of Traton AG had approved the transformation of the legal form on 14 December 2018 and also appointed the members of the Supervisory Board in this connection. The Supervisory Board selected Hans Dieter Pötsch as its chairman and Athanasios Stimoniaris as its deputy chairman. Half of the Supervisory Board's 20 members are employee representatives from the European sites, and employees from these locations will also be represented on the future SE works council.
The nine additional members from shareholders side are: Dr Manfred Döss (Volkswagen AG), Gunnar Kilian (Volkswagen AG), Dr Albert Kirchmann, Dr Julia Kuhn-Piëch, Nina Macpherson, Dr Dr Christian Porsche, Dr Wolf-Michael Schmid, Hiltrud Werner (Volkswagen AG), Frank Witter (Volkswagen AG).The following nine additional representatives of the employee side were appointed to the Supervisory Board of the future Traton SE: Torsten Bechstädt (Volkswagen AG), Mari Carlquist (Scania), Jürgen Kerner (IG Metall), Lisa Lorentzon (Scania), Bo Luthin (IF Metall), Michael Lyngsie (Scania), Bernd Osterloh (Volkswagen AG), Karina Schnur (MAN), Steffen Zieger (MAN)."
Traton says the SE offers employees from throughout Europe the 'possibility of co-determination'. "We also see this as an opportunity to further intensify cooperation between the companies and unions in the interests of both the employees and the Group within the commercial vehicles market," says Athanasios Stimoniaris, Chairman of the future Group Works Council of Traton SE.
Andreas Renschler (chairman), Christian Schulz (Finance and Strategy), Joachim Drees (MAN), Henrik Henriksson (Scania), Roberto Cortes (Volkswagen Caminhoes e Onibus), Dr Carsten Intra (Human Resources and IT) and Christian Levin (Procurement, Development and Strategic Product Planning) were named as members of the Executive Board of Traton SE.
As an SE, Traton will continue to be headquartered in Munich. Some of the functions will remain anchored in Södertälje. As the transformation of Traton AG into an SE will result in neither the company's dissolution nor the establishment of a new legal entity, the company's legal and economic identity will remain intact, Traton said.
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