Clearances Received for the Joint Venture between Metall Zug and Miele

Zug, June 5, 2024 – The relevant authorities have given their clearance for the Joint Venture between Metall Zug and Miele. The closing is planned for June 7, 2024. After this date, the Joint Venture will commence its operational activities.

As communicated on November 28, 2023, Metall Zug and Miele signed an agreement under which Metall Zug will contribute its Infection Control Business Unit and the Belimed Life Science Group, and Miele its Steelco Group, into a newly established Joint Venture based in Zug, Switzerland. Metall Zug will participate with 33% and Miele with 67% in the Joint Venture.

The closing of the Joint Venture was subject to the clearance of the respective relevant authorities. These clearances have now been granted, so the closing is expected to take place on June 7, 2024, with further communication on June 10, 2024. The Infection Control Business Unit and the Belimed Life Science Group will be fully consolidated in the financial statements of Metall Zug until the closing. Post-closing, Metall Zug AG's share of the Joint Venture's net result will be reported in the financial result.