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3/1/2016 | 1 MINUTE READ

Neumann to Hand Over Reins of Engel to Fourth Generation

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Effective November 30, 2016 and in conjunction with his 60th birthday, current Engel Chairman Peter Neumann will step down after 35 years, handing off the company to his nephew and the fourth generation of family ownership.

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Since its founding in 1945 by Ludwig Engel, the maker of injection molding machines and automation has been 100% family owned. Neumann’s nephew, and great-grand-son of founder Ludwig Engel, Stefan Engleder, will become chairman of the executive board effective December 1, 2016. Engleder, who joined the company in 2008, was named chief technology officer in 2012.

Engel’s revamped executive board will continue to consist of four individuals in addition to Engleder: Christoph Steger, who is also a family member, will be responsible for Sales, Marketing and Customer Service; Klaus Siegmund will be responsible for Finance, Personnel and IT; and Joachim Metzmacher will head Global Production.

Christoph Steger was named chief sales officer (CSO) on Dec. 2, 2013, replacing Christian Pum after being promoted from his previous role of VP of the packaging business unit. Neumann, who noted in a release that there was some “melancholy” in the decision, will “continue to stay connected with the company after the official handover and also in future support the executive board with his expertise in case of need.” 

Engel, with 4800 employees globally, achieved 2015 turnover of Euro 1.07 billion ($1.19 billion). The Americas represent the company’s second largest market, accounting for 22% of turnover, behind Europe (58%) and ahead of Asia (17%). Engel has grown on average 10%/year since its 2008 fiscal year, and it is projecting continued growth of 5% annually through fiscal year 2017-2018.