News
Merger between Tornos and Starrag is on track
I am very pleased to inform you about the latest developments in our group of companies. As announced by the Tornos Group last May, the Executive Board and the Board of Directors have been examining a merger with the Starrag Group over the past few months. Based on the positive results of the review and negotiations, the two boards of directors signed a merger agreement yesterday. The Boards of Directors of Starrag Group Holding Ltd. and Tornos Holding Ltd. will now ask their respective shareholders to approve this merger agreement at their Extraordinary General Meetings at the end of November.
The two groups of companies and their offerings complement each other perfectly, and a merger to form the StarragTornos Group would further strengthen our room for maneuver as a manufacturer of precision machine tools. This would also benefit our customers. We are convinced that if the planned merger is approved by the two general assemblies, we will be able to offer you even better technology solutions, products and services and provide you with even better support in further increasing your competitiveness:
- Bundled resources and combined technical know-how will significantly strengthen our innovative power. Together, we can further develop existing technologies and drive forward new solutions.
- With a broader range of products and even more efficient production processes, we want to open up new, interesting offers and perspectives for you.
- By increasing our geographical presence, we will make our performance and our expanded range of services available to you worldwide even more personally, even better, and even faster.
The Tornos brand and the brands of the Starrag Group have a long tradition. They are rooted in Switzerland and enjoy a very high level of trust among our customers worldwide. That is why we want to keep them unchanged even after the planned merger. The existing production sites of Tornos and Starrag are also to continue unchanged. No job cuts are planned as a result of the proposed merger. It goes without saying that your familiar contacts at the Tornos Group will also remain the same.
The decision of the Board of Directors is therefore very good news for all of us. I am confident that I will soon be able to inform you about the final approval of the merger agreement between Tornos and Starrag. Detailed information on the planned merger can be found here. I would like to take this opportunity to thank you for the always good cooperation. I look forward to further joint projects in the future.
With best regards
Michael Hauser, Chief Executive Officer