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LNZ - Lenzing AG News Story

€45.8 -0.1  -0.2%

Last Trade - 18/09/20

Basic Materials
Mid Cap
Market Cap £1.11bn
Enterprise Value £1.90bn
Revenue £1.67bn
Position in Universe 343rd / 1040

UPDATE 1-Austria's Lenzing names new CEO as veteran Untersperger steps down

Fri 20th March, 2015 3:26pm
(Adds detail, background, share price) 
    VIENNA, March 20 (Reuters) - Austrian viscose fibre maker 
Lenzing  LENV.VI  has named Stefan 
Doboczky as its new chief executive, effective from June 1, 
after 30-year company veteran Peter Untersperger decided to 
leave ahead of schedule. 
    Doboczky, a 47-year-old Austrian, was most recently  
management board member at Dutch group Royal DSM  DSMN.AS , in 
charge of pharma activities and its progress in Asia. 
    Lenzing thanked Untersperger, the former finance chief who 
has been CEO since 2009, for his "outstanding achievements" over 
many years. 
    Lenzing shares were down 1.2 percent at 64.31 euros by 1506 
GMT, off a session low of 63.30 euros.  
    Lenzing this month reported a preliminary loss of 14 million 
euros ($15 million) in 2014 because of falling fibre prices and 
subsequent adjustments in goodwill, property and equipment. 
    Lenzing has battled low prices by savings measures including 
job cuts and new specialised products made at high-tech 
factories such as its new Tencel fibre unit in Austria. Its 
fibres are most commonly used as a cotton substitute. 
($1 = 0.9282 euros) 
 (Reporting by Michael Shields; Editing by David Goodman) 
 ((Michael.Shields@thomsonreuters.com; +43 1 531 12 258; Reuters 
Messaging: michael.shields.thomsonreuters.com@reuters.net)) 
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