NEUMARKT, GERMANY -- The shareholders of Pfleiderer AG, an international manufacturer of wood composite panels and laminate floroing,  recently approved with a 93.3 % majority a capital cut and a subsequent capital increase of up to €100 million ($142.7 million).

As a result of the capital cuts approved, Pfleiderer shareholders will initially retain only around 0.8 % of current equity. In return, they will have the opportunity to increase this share to about 16% by way of a capital increase.

Pfleiderer said the its financial restructuring remains on schedule with this move.

Pfleiderer's North American holdings include Uniboard and Pergo.

Posted by Molly Keith

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