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Wittur Holding GmbH: Wittur and Sematic to merge in order to create a leading global supplier to the elevator industry - Seite 2

practices across its global footprint and from further best-in-class
innovation by combining two of the leading R&D powerhouses in the industry.
As in the past, installation of elevators and maintenance services are not
part of the merged entity's business.

Dr. Walter Rohregger, CEO of Wittur and future CEO of the combined entity,
commented: "I am delighted that in very constructive discussions we have
been able to articulate the value of both companies combining to create a
leading global supplier to the elevator industry. Sematic has a long
history and an outstanding reputation in the industry, a complementary
product range and highly qualified people. Our increased diversification in
terms of product range, geographic footprint and customer base will add to
the resilience of our business model. With this important milestone in our
group's growth path we are delivering on our value creation strategy."
Dr. Stefano Socci, CEO of Sematic, added: "This transaction represents a
unique opportunity for both companies and I am excited Sematic will join
Wittur to turn our common vision of building a truly global company into
reality. This is a milestone moment as we now have the possibility to build
a new business leveraging increased global opportunities across the
industry."

Through the merger with Sematic, Wittur will expand its product range and
customer base and benefit from Sematic's know-how in the customized
engineering segment. Wittur is also expected to take advantage of Sematic's
complementary international presence, notably including North America. The
increased product diversification and the more balanced geographic
footprint should in turn help Wittur in the more stable recurring
aftermarket and modernization business. At the same time, Sematic is
expected to benefit from Wittur's extensive product range, effective sales
network and customer access.

Wittur greatly values the long history of the Sematic brand and remains
committed to the proud heritage of Sematic's founding family. While the
combined company will operate under the Wittur name, Sematic will continue
as a brand. Current Wittur CEO Dr. Walter Rohregger who has headed the
Group since 2012 will lead the merged entity as Group CEO. He has some 25
years of experience in various global businesses and lived in Asia for more
than ten years. The combined company will benefit from Dr. Walter
Rohregger's longstanding engineering expertise and extensive experience in
implementing growth strategies and operational improvements.

Sematic CEO Dr. Stefano Socci will join the executive management team of