FLSmidth announces new equity structure
Global engineering company FLSmidth is building on its 100 years of successful business in the Africa region with the announcement of a new equity structure. The structure will result in a broad-based black economic-empowerment (BBBEE) ownership status for its South African operations.
The new structure positions the company as procurement partner of choice for the mining industry with the capability to offer total solutions.
Going forward, Phetogo Bontle Community Equity will hold 25.1% shares in FLSmidth South Africa and the broad-based Phetogo Trust will hold a 100% stake in Phetogo Bontle Community Equity. The trust will fund various corporate social investment initiatives and support the integration of minority groups into the economy.
“FLSmidth, as a Danish company, remains committed to social development wherever it operates. “The new structure reflects that FLSmidth is also a responsible corporate citizen in South Africa, and we trust that this will further improve our relationship with all of our customers and suppliers,” says FLSmidth South Africa MD Peter Lohrmann.
FLSmidth took the first step towards empowerment status back in 2010, when establishing FLSmidth Roymec, which delivers a portfolio of engineering and materials handling projects to international customers.
“With the change in the landscape in South Africa, there is a fundamental need for us to empower all of our businesses here – not just part of them. By doing so, we give our customers access to the sort of empowerment measures they require in their own procurement, as well as signal our commitment as a major multinational in responding to the changing dynamics of the country,” say FLSmidth GM Alistair Calver.
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