New Shareholder for POMAgalski
June 2000

Upon approaching sixty years of age, Jean-Pierre Cathiard, POMAgalski's President of twenty years has decided to cede the majority of capital in his enterprise to Michel Seeber, owner of a group of Italian businesses that carries his name. Michel Seeber is at the head of an industrial holding group present in construction, tourism and aerial ropeways ever since his acquisition of the Italian company, LEITNER in 1993.

"I took this decision in order to perpetuate POMA's future," explained Jean-Pierre Cathiard. "The choice taken is an industrial choice. The two companies will share research and development costs in order to best respond to customer's demands and expectations."

From his side, Michel Seeber speaks "of the strategic investment for the future. The two companies, POMA and LEITNER, are going to be able to reduce their costs for new product development by integrating the purchase of raw materials and supplies. It is not our intention to reduce employment. And this should even favor employment in France since, here, in South Tyrol, where employment is almost zero percent, we are confronted with a shortage of qualified labor. It is, therefore, probable that LEITNER will have certain components fabricated in France. In other respects, this is going to allow us to better position ourselves in the people-mover and urban shuttle markets, these systems having been separately developed by Poma-Otis and Leitner."

For Poma, the importance is also that the agreement preserve the company's independence, that enjoys worldwide notoriety. Preserving independence will be possible by a change of Poma's by-laws. The change will call for a Supervisory Board and a Board of Directors. Jean-Pierre Cathiard will continue to supervise the Group's future, presiding over the Supervisory Board. The Board of Directors, led by Jean Gauthier, current General Manager of POMA, will be composed exclusively of actual POMA executives.


POMAGALSKI: 1.1 billion francs turnover (55% export) for fiscal 1999-2000; 43 million francs net profit; 600 employees including subsidiaries.

SEEBER GROUP: Created in 1974; more than 2 billion francs turnover, LEITNER contributing less than half. LEITNER's turnover included 170 million francs from grooming vehicle sales. The Seeber's Group headquarters is located in Sterzing, close to Bolzano, Italy.