Trox moves to secure its future
Heinz Trox, chairman and managing director of Trox Group, has laid plans for the group to become a non-profit-making foundation after his death.
Trox Group in Germany, which makes and supplies air-handling equipment, has restructured to guarantee its future and create the right conditions for continued expansion. The E300 million company is privately owned by its founder’s son, Heinz Trox. He explains, ‘As a company, we follow two philosophies. First, we want to make money. However, of equal importance, we have to grow through our own strength as well as by acquisitions. I have worked 47 years for this company — it is my life. I now have a 100% say in its future, so these two philosophies will be guaranteed.’ Under the new ownership structure, Heinz Trox has gained 90% of the shares, with the remaining 10% taken by the newly created, non-profit-making Heinz Trox Foundation. After his death, the foundation will hold all the shares. The arrangement is designed to guarantee a continuity of company policies, assure future growth, create employment security for Trox’s employees and protect the company from external influences. It also ensures there are no financial discussions in the family. Heinz Trox explains, ‘With me gone, a situation would have arisen that could have been disastrous, with one half of the family wanting to make money, and the other wanting to develop the company. This would have created deadlock and paralysis.’ The new structure also ensures that no inheritance tax will be payable and allows the continued payment pf a minimum dividend so that the company remains strong financially. Heinz Trox has been chairman and managing director of Trox’s board since 1998, with 100% voting rights. It was in that year his brother Klaus died. The two brothers each held 32% of the shares, with 36% held by the company. As well as its headquarters in Germany, Trox Group has 21 subsidiaries and factories in 10 countries, including the UK and Germany.
Related links:
