Who Owns Lenzing Company?

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Who owns Lenzing AG?

Understanding a company's ownership is key to grasping its strategy and governance. A recent shift involving Lenzing AG, a leader in wood-based fibers, highlights this. In June 2024, Suzano S.A., a Brazilian pulp producer, acquired a 15% stake in Lenzing AG from its main shareholder, B&C Group, for EUR 230 million.

This significant transaction between B&C Group and Suzano S.A. signals a new strategic partnership, potentially influencing Lenzing's future direction and market position.

Lenzing AG's ownership structure is primarily defined by its major shareholder, B&C Group, which holds a substantial portion of the shares. The remaining shares are publicly traded on the Vienna Stock Exchange, offering a free float that allows for broader investor participation. As of July 23, 2025, the company's market capitalization stands at approximately USD 1.18 billion, with 38.6 million shares outstanding. This public listing means that while B&C Group maintains significant influence, public shareholders also play a role in the company's governance and performance, impacting its approach to innovations like Lenzing Porter's Five Forces Analysis.

The origins of Lenzing AG trace back to 1890 when Emil Hamburger acquired a paper mill in Lenzing, Austria, initiating industrial activity. The formal establishment of the company, then known as Zellwolle Lenzing AG, occurred in 1938. Early ownership saw shifts, including a majority share acquisition by the Bunzl family in 1935/36 before expropriation by the Nazi regime.

Early Industrialist

Emil Hamburger's acquisition of the Starlingermühle in 1890 marked the beginning of industrial operations at the Lenzing site.

Family Influence

The Bunzl family held a majority share in the company prior to 1938, integrating it into their business interests.

Formal Founding

Zellwolle Lenzing AG was formally established in 1938, with Thüringische Zellwolle AG playing a key role in its inception.

Post-War Restitution

Following World War II, the Lenzing pulp and paper mill was returned to its pre-1938 owners, the Bunzl-Konzern Holding AG.

Austrian Capital Contribution

During the Nazi era, Austrian industry contributed 50% to the share capital of Zellwolle Lenzing AG.

Name Reversion

After the war, the company's name reverted to Zellwolle Lenzing AG, reflecting its restored legal status.

The early ownership of Lenzing AG was significantly shaped by historical events, including the acquisition by Emil Hamburger, the influence of the Bunzl family, and the subsequent establishment and restructuring during the Nazi era and post-war period. Specific details on initial equity splits for Hamburger or the Bunzl family are not extensively documented, but their early involvement laid the groundwork for the company's future development, aligning with the broader industrial landscape of the time. Understanding this history is crucial for grasping the evolution of Lenzing ownership.

Founding and Early Ownership Dynamics

The initial phases of Lenzing AG's existence were marked by the entrepreneurial spirit of Emil Hamburger and the significant financial backing of the Bunzl family. These early stakeholders played a pivotal role in establishing the company's industrial foundation.

• Emil Hamburger initiated industrial activity in 1890.
• The Bunzl family acquired a majority share in 1935/36.
• Zellwolle Lenzing AG was formally founded in 1938.
• Post-war restitution returned assets to the Bunzl-Konzern Holding AG.
• The company's focus was on raw material production for textiles.

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Lenzing AG's ownership journey has seen significant shifts, notably after its 1985 listing on the Vienna Stock Exchange and its name change from 'Chemiefaser Lenzing' in 1984. As a publicly traded entity, Lenzing AG maintains a commitment to transparency in its corporate governance.

The current ownership landscape of Lenzing AG is primarily shaped by the B&C Group, which acts as the main shareholder. However, a recent strategic move in June 2024 saw Suzano S.A., a prominent Brazilian pulp producer, acquire a 15% stake from the B&C Group for EUR 230 million. This transaction solidified a syndicate between the B&C Group and Suzano S.A., granting them a combined majority stake of 52.25% in Lenzing AG, with the B&C Group maintaining sole control within this arrangement. This partnership is anticipated to bolster Lenzing's growth trajectory by leveraging Suzano's expertise in pulp production to enhance revenue, profitability, and international competitiveness, complementing Lenzing's existing business model. For a deeper understanding of how Lenzing generates revenue, explore the Revenue Streams & Business Model of Lenzing.

Key Stakeholders in Lenzing AG

Lenzing AG's shareholder structure is dominated by a strategic alliance, with other significant institutional investors also playing a role.

• The B&C Group is the principal shareholder, holding 37.25% as of December 31, 2024.
• A syndicate between the B&C Group and Suzano S.A. collectively controls 52.25% of the voting rights.
• Goldman Sachs Group, Inc. is another major shareholder with 6.97% as of December 31, 2024.
• The remaining approximately 41% is held by the free float, comprising various institutional and private investors.

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As of the end of the financial year 2024, Lenzing AG's Managing Board consists of four key individuals responsible for the company's operational direction. Rohit Aggarwal leads as Chairman and CEO, with his tenure extending until August 31, 2027. The board also includes Nico Reiner as CFO, Christian Skilich as Chief Pulp & Technology Officer, and Georg Kasperkovitz as Chief Operations Officer.

The Supervisory Board plays a crucial role in overseeing the company's management. It is comprised of shareholder representatives elected at the Annual General Meeting and employee representatives. Significant recent changes include the nomination of Patrick Lackenbucher, Managing Director of B&C Group, to become Chairman effective April 17, 2025, succeeding Cord Prinzhorn. Leonardo Grimaldi, Executive Vice President at Suzano S.A., has also been proposed as a new member, replacing Marcelo Bacci. Carlos Aníbal de Almeida Junior continues as First Deputy Chairman, with his term concluding at the Annual General Meeting for the 2028 financial year.

Lenzing AG's Voting Power Structure

Lenzing AG operates with a clear one-share-one-vote principle, ensuring that voting power directly correlates with share ownership. The company has no shares granting special control rights.

• Each no-par-value share carries one vote at the Shareholders' General Meeting.
• Resolutions are typically passed by a simple majority of votes cast.
• When a majority of the share capital is required, it is determined by a simple majority of the share capital represented.
• This structure reinforces the influence of major Lenzing shareholders, such as B&C Group and Suzano S.A., on strategic decisions.
• Understanding this ownership structure is key to comprehending Lenzing AG's corporate governance and who controls Lenzing AG.

The voting power at Lenzing AG is distributed based on a straightforward one-share-one-vote system. This means that every share of no-par value held by a shareholder entitles them to one vote during the Shareholders' General Meeting. The company explicitly states that it does not issue any shares that come with special control rights. Decisions made at the Shareholders' General Meeting are generally passed by a simple majority of the votes that are cast. In instances where a majority of the share capital is necessary for a resolution, it is achieved through a simple majority of the share capital that is represented at the meeting. This transparent approach ensures that voting power is directly proportional to the number of shares an investor holds, providing a clear picture of Lenzing AG's shareholding pattern. The recent appointments to the Supervisory Board, particularly those representing significant stakeholders like B&C Group and Suzano S.A., underscore the importance of these entities in the company's strategic direction and overall governance. For a deeper understanding of the company's evolution, one can refer to the Brief History of Lenzing.

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Lenzing AG has seen significant ownership shifts over the past few years, marked by a key strategic alliance. The B&C Group, a long-standing majority shareholder, has partnered with Suzano S.A., a major player in the pulp industry.

This partnership, initiated with Suzano's acquisition of a 15% stake from B&C Group in June 2024 for EUR 230 million, establishes a syndicate holding 52.25% of Lenzing's voting rights. Suzano also holds an option to increase its stake further. These developments are mirrored in leadership changes, with Rohit Aggarwal becoming CEO in September 2024 and proposed new members for the Supervisory Board, including representatives from Suzano, indicating a strengthened influence of major shareholders on the company's governance.

Leadership Transition

Rohit Aggarwal assumed the CEO role on September 1, 2024. The Supervisory Board is set to see changes, reflecting the evolving ownership structure.

Strategic Alliance with Suzano

The partnership with Suzano S.A. is crucial for securing raw material supply and enhancing international competitiveness.

Financial Performance and Outlook

Sales increased by 5.7% to EUR 2.66 billion in 2024. The company is focused on further earnings improvements through its performance program.

Market Demand for Sustainable Fibers

There is an anticipated rise in demand for environmentally friendly fibers across various sectors. This aligns with the company's strategic direction and its Competitors Landscape of Lenzing.

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