In late 1998, in line with long-standing plans and as the founder and owner of Putzmeister-AG up until the present time, I brought all shares into two foundations, KSG(Karl Schlecht gemeinnützige Stiftung) and KSF(Karl Schlecht Familienstiftung) foundations. They are both largely for public benefit, as a contribution to sustained continuity of the meanwhile globally successful family of companies.
Following legal rules and to ensure full benefit to the public of the KSG which holds 99% of the shares, the PM Group was supplemented by founding the PM Holding GmbH (PMH). It owns all of the Putzmeister AG shares and forms to 99% part of the public benefit KSG foundation– which holds a mere 10% of the PMH votes. The entrepreneurially decisive majority with 90% of the vote is with the KSF family foundation, holding only 1% of the PMH shares, though.
If you are interested to read the whole text please click here