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2006-03-16 News Headlines

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SIG packaging BoD proposes not to elect Sterling candidates

Global provider of packaging solutions SIG Group Board of Directors recommends shareholders not to elect candidates proposed by Sterling Strategic Value.

Following discussions with the BoD candidates proposed by Sterling Strategic Value Ltd., the SIG Board of Directors recommends shareholders not to elect them.

The three reasons for this decision are:

1. The incumbent Board of Directors and the three complementary additions put forward by them (H. Fischer, Dr. R. Wehrli und G.-M. Müller) possess the right mix of expertise and competencies required tosuccessfully support the initiated SIG strategy implementation.
2. The Board of Directors has discerned support for its strategy from a significant majority of the shareholders.
3. Discussions with the Sterling candidates could not dispel the SIG Board’s apprehensions about potential conflicts of interest that might occur if personalities with close links to SIG customers were to be appointed to the Board.

As made known earlier, a SIG Board of Directors committee sought a meeting shortly after the announcement of the Sterling Strategic Value Limited candidates with Messrs. Nico Issenmann, Thomas P. Kunz and Alex Seidel, to discuss fundamental issues relating to SIG.

Following the discussions, the Board of Directors reached a unanimous decision on recommending shareholders to reject the candidates.

Three issues were key:

1. The Board of Directors is convinced that with the incumbent board members and the three candidates put forward by the Board for election - Heinrich Fischer, Dr. Rudolf Wehrli and Götz-Michael Müller – shareholders are being presented with a committed and competent Board of Directors for SIG.
2. The in-depth discussions of the past weeks with shareholders have shown that a strong majority appreciate the successes achieved to date and that they support the strategy defined by the Board of Directors and its new proposed formation.
3. Discussions with the Sterling BoD candidates could not dispel the SIG Board’s apprehensions about conflicts of interest that might occur if personalities with close links to SIG customers were to be appointed to the Board.

SIG Chairman - Lambert Leisewitz - Click go for larger image.

The incumbent SIG Board of Directors is convinced that with the present five board members Lambert Leisewitz, Thomas Hübner, Robert Lombardini, David Schnell and Peter J. Hauser and the three candidates put forward by the Board for election to that body, a leadership team is being proposed to shareholders that will energetically support the vigorous implementation of the initiated strategy and will do its utmost to further the continued value increase of the SIG Group.

Find information about SIG Group.

SIG Holding Ltd., is a global provider of packaging solutions. Its product range includes the manufacture of cartons for beverages and food products, as well as machinery for the aseptic and non-aseptic filling of packages. In the PET sector, equipment for the production, coating and filling of plastic bottles complement the product spectrum. In 2005, the approximately 4,800 employees generated annual net sales (continuing) of EUR 1 207 million. The company has its registered office in Neuhausen am Rheinfall (Switzerland) and the SIG share is listed on the Swiss Exchange SWX (SIGN, security no.
1202249).

Read a recent SIG press release; 'SIG Combibloc is growing substantially faster than the market and expects the beverage and food packaging segments to offer future competitive advantages.'

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