The Austrian technology group Andritz AG is becoming the sole shareholder of Andritz Küsters GmbH & Co. KG. The minority shareholder, Jagenberg AG based in Krefeld, is selling its remaining 40% shareholding in Andritz Küsters.

Andritz Küsters encompasses the nonwoven and paper divisions of the former Eduard Küsters Maschinenfabrik GmbH & Co. KG, and is based in Krefeld.

An agreement between Andritz AG and Jagenberg AG was signed, and the purchase price would remain confidential.

In November 2005, Andritz AG initially acquired 60% of the shares held by Jagenberg AG and at the same time obtained the option of acquiring the remaining 40% at a later stage.

Andritz Küsters Managing Director Dr Erich W. Bröker welcomes this development. He said, "The complete acquisition of the shares by Andritz is a logical and consistent consequence of the very positive experiences from cooperation and the highly promising perspectives becoming evident in both the paper and the nonwoven business. This decision by Andritz AG reflects a great deal of confidence in the opportunity of not only continuing to grow in our traditional markets but of also developing new products and business sectors jointly with the other members of the group company."