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On Sept. 1, Schütz GmbH & Co. KGaA (Schütz Group, Selters, Germany) announced the acquisition of (EC Group, Echternach, Luxembourg), an internationally recognized expert in the field of high-quality and advanced composite materials. As soon as antitrust approvals have been obtained, which is expected shortly, the transaction will be formally completed.

The EC Group comprises companies in Luxembourg (Echternach), the U.S. (Culpeper) and Germany (Bitburg) with around 930 employees, all of which will be retained as part of the transaction. Euro-Composites’ existing management team will also remain in place and will continue to run the EC Group’s business alongside the Schütz Group. This ensures continuity and security for all employees and customers.

Company founder Rolf Alter, who established and successfully built up the EC Group more than four decades ago, is stepping down from active business and taking well-deserved retirement. “After an eternity of leadership responsibility and with all my passion, I am delighted to have found an excellent succession solution for my life’s work,” says Alter. “I am taking this step carefully and with full commitment to the future of our company. I am convinced that Euro-Composites will continue to grow and thrive within this new framework.”

Schütz CEO Roland Strassburger says the company is committed to further building the EC Group’s market position in the coming years through targeted investments in technology, R&D and by expanding international sales structures.

All employees of the EC Group have been informed about the succession solution at their respective locations. Euro-Composites will be retained as an established brand and developed independently. The corporate values of quality, innovation and reliability remain firmly in place.