Press release dated June 25, 2020

V-ZUG Group: Spin-off of the Metall Zug Group and listing on SIX

Zug, June 25, 2020 - The V-ZUG Group has been spun off from the Metall Zug Group. The shares of V-ZUG Holding AG will be traded on SIX Swiss Exchange from today, June 25, 2020. Metall Zug AG continues to hold around 30% of V-ZUG shares and remains an anchor shareholder.

Previously part of the Metall Zug Group, V-ZUG Holding AG, including its direct and indirect subsidiaries, has been spun off from the Metall Zug Group and will be listed on SIX Swiss Exchange today, June 25, 2020. Under the spin-off and listing, shareholders of Metall Zug AG were allocated one registered share of V-ZUG Holding AG per type A registered share and ten registered shares of V-ZUG Holding AG per type B registered share. Zürcher Kantonalbank is acting as Sole Lead Manager for this transaction.

Metall Zug AG continues to hold around 30% of V-ZUG shares as a strategic shareholding. In connection with this listing, a Shareholder Information Brochure (in German only) containing extensive information on the V-ZUG Group is available at https://www.vzug.com/ch/en/spin-off-and-listing.

V-ZUG rises to the challenges

V-ZUG is a byword for innovation and quality. As the market leader in Switzerland, it enjoys an excellent reputation. To continue writing this success story in the future and harness the advantages that Switzerland offers as an innovation and production base, the V-ZUG Group initiated a far-reaching process of transformation over the past few years. The main priorities of the initiatives are:

• Physical transformation of the Zug site to increase productivity per piece and per unit area;
• Digitization and modernization of the software systems to improve internal and external processes;
• Investments in platform technologies for a more efficient launch and production of new products;
• Investments in internationalization to diversify sales.

Despite the additional efforts required to accomplish this far-reaching transformation, the V-ZUG Group has maintained its leadership position in Switzerland. The growth in international business is exceptionally high, up 31.4% year-on-year in 2019.

Today this transformation process is largely underway or has already been implemented. Key strategic projects such as the vertical factory and investments in platform technologies are well on the way. The V-ZUG Group is also committed to sustainable technologies and production methods in all areas and is aiming to achieve CO2 neutrality at production facilities in Zug by 2021.

As an independent, listed company, the V-ZUG Group can further strengthen and visibly position its brand as well as benefit from the additional strategic flexibility.

V-ZUG aims to secure sustainable success with strategic initiatives. The key goals are to further improve customer service efficiency with the support of digital solutions, to substantially increase international business sales, and to ensure that the V-ZUG brand continues to be made known as a premium brand in the relevant markets abroad.

Impact of the COVID-19 pandemic

The V-ZUG Group has so far been relatively marginally affected by the impact of the COVID-19 pandemic. The appropriate precautions put in place hampered manufacturing productivity and prevented sales-boosting measures such as the advisory services provided at the ZUGORAMA stores or to customers at home. On the other hand, work to remedy previously identified internal problems proceeded to plan during the transition to a new ERP. While the progress made in this area and the impact of COVID-19 are presently balancing each other out, it is impossible to estimate the further medium to long-term consequences of the pandemic.

Information to recipients of this press release

You are receiving this message plus future ad hoc information about V-ZUG Holding AG as a subscriber of ad hoc information about Metall Zug AG. If you no longer wish to receive ad hoc information about V-ZUG Holding AG, you can unsubscribe at any time.

Key dates

August 17, 2020 Publication of results for the first half of 2020
March 17, 2021 Publication of the annual report
April 29, 2021 Ordinary General Meeting of Shareholders

About the V-ZUG Group

V-ZUG is Switzerland's leading brand for household appliances. Located in the heart of Switzerland, V-ZUG has been developing and producing kitchen and laundry appliances for more than 100 years. As the market leader in Switzerland, the V-ZUG Group also markets its products in selected premium markets abroad. The V-ZUG Group offers an extensive service as well. In Switzerland alone, over 300 service technicians are on hand for the V-ZUG Group. The V-ZUG Group presently employs a staff of about 2,000.

V-ZUG Holding AG is listed on the Swiss Reporting Standard of SIX Swiss Exchange, Zurich (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).

V-ZUG Holding AG processes personal data in accordance with its privacy statement available at: https://www.vzug.com/ch/en/privacystatement.

Further information

Adrian Ineichen                                 
Chief Financial Officer                     
Phone: + 41 58 768 60 03                 

Christof Gassner
Head of Corporate Communications & IR
Phone: + 41 58 768 60 50

The press release is available at https://www.vzug.com/ch/en/media, the Share Information Brochure (in German only) in connection with the listing of the shares of V-ZUG Holding AG at https://www.vzug.com/ch/en/spin-off-and-listing and the analyst presentation at https://www.vzug.com/ch/en/financial-reports (English).