Cylinders Holding Singled Itself Out of Machinery Part of Vítkovice

OSTRAVA, 13 December 2016 - Cylinders Holding, a.s., an independent company producing cylinders and vessels, which separated from the machinery part of Vítkovice, is already incorporated in the Commercial Register. The Supervisory Board of this new autonomous holding is chaired by Jan Světlík, its Board of Directors by Jan Světlík Jr. Ownership interests in Cylinders Holding, a.s.,are automatically acquired by shareholders Jan Světlík (90 %), KKCG B.V. Industry (5 %), Milan Juřík and Jaromír Šiler (5 % together) in the same proportion as in Vítkovice Holding, a.s.

Cylinders Holding operates in the Czech Republic, Poland, Croatia and Argentina. The cylinder-producing part is completely different from the machinery part roofed by Vítkovice, a.s. It involves mass production with different development routes. “The existing differences between both groups have been difficult to understand so far, especially as far as assessment of risks for clients and banks is concerned, but now a clear boundary line has been set. The structure of Vítkovice Machinery Group is much more transparent now,” explained Jan Světlík, Chairman of the Supervisory Board and the principal owner of Cylinders Holding.

The cylinder-producing holding will develop in three defined directions, namely hydrogen, CNG automotive and entry in the area of composite vessels. Especially the automotive industry requires that all processes and procedures used within the company management must be clear and easy to understand. Here, Cylinders Holding will benefit from its independent existence, too.

Cylinders Holding includes Vítkovice Cylinders, Vítkovice Milmet (Poland), Cidegas, Sainver (Argentina) and Lahvárna Brod (Croatia) and will be a multinational company able to adapt its accounting standards to this situation.

The machinery part of current Vítkovice Machinery Group has become a smaller, clearly focused and defined unit, which, among other things, will ensure more opportunities with investors, who may acquire this part for stabilisation and strengthening of its position in the area of sophisticated machinery and related services.

Additional information:
Machinery Vítkovice, a.s.,and its subsidiaries came to Vítkovice Machinery Group later, after former semi-state Vítkovice, a.s.,was privatised by Vítkovice Holding, a.s.,in 2003. What machinery Vítkovice had in common with production of cylinders for a long time was only the privatising parent company Vítkovice Holding (originally called Lahvárna Ostrava), which has always been a classical holding “parent”, i.e. an association of owners.

CONTACT PERSON:
Eva Kijonková, media representation, tel. +420 721 857 097