DStarting from April next year, glass manufacturer Schott will reduce the weekly working hours for its employees in Germany from 40 hours to 37.5 hours. The pay will not be affected by this change and will remain the same despite the reduction in hours, the Mainz-based company announced on Tuesday.
Zusätzlich würden für Schichtmitarbeitende Zuschläge und Nachtschichtzulagen erhöht. Die Wochenarbeitszeitreduktion gelte für die Beschäftigten an den sechs deutschen Standorten am Hauptsitz in Mainz sowie Grünenplan, Jena, Landshut, Mitterteich und Müllheim/Baden.
„I cannot reword“
Meanwhile, the subsidiary Schott Pharma aims to raise up to nearly one billion euros in its initial public offering in Frankfurt. This would be the largest placement so far this year. During the presentation of the details, the parent company also introduced a potential major investor on Monday: According to the announcement, the state-owned company Qatar Holding intends to participate with up to 200 million euros. However, Qatar’s share is capped at 4.99 percent.
Investors can subscribe to the shares until September 27th. The price range of €24.50 to €28.50 per share values Schott Pharma at €3.7 billion to €4.3 billion. This puts Mainz behind the valuation of their competitor Stevanato: the Italian company is similarly profitable, 20 percent larger, but is currently valued at $8.6 billion on the American stock exchange – almost twice the value that Schott has considered.
The management of Schott Pharma does not want to talk about a discount, on the contrary, they have received „very good feedback from the market,“ said CEO Andreas Reisse. According to the company, a comparison group of competitors is valued on average at 22 times the expected operating result. Based on this, Schott Pharma would have a market capitalization of 4.9 billion euros. However, it is customary to grant subscribers a discount during the IPO, it is said.