Press Release

HOMAG CEO Pekka Paasivaara to become fourth member of Dürr AG's Board of Management

Bietigheim-Bissingen, September 25, 2018 – The Dürr AG Supervisory Board has appointed Pekka Paasivaara (57), CEO of Dürr's subsidiary HOMAG Group AG, to be a member of the Dürr AG Board of Management with effect from January 1, 2019. He will perform this function in addition to his existing role. The Board of Management will thus increase from three to four members: Ralf W. Dieter (Chairman), Carlo Crosetto (CFO), Dr. Jochen Weyrauch and Pekka Paasivaara.

Karl-Heinz Streibich, Chairman of Dürr AG's Supervisory Board: "Pekka Paasivaara has a wealth of experience in automation technology and plant engineering. Under his leadership, HOMAG Group AG has become an essential pillar of the Dürr Group. His additional role on the Dürr AG Board of Management reflects the increasing importance of the Woodworking Machinery and Systems division."

Pekka Paasivaara's appointment to the Dürr Board of Management means that all three subgroups (Dürr, Schenck, HOMAG) are now represented on the Group's Board. He will also be responsible for the new Group-wide function "Operational Excellence", created to further promote efficient processes within the Dürr Group.

Important stages of Pekka Paasivaara's career include ABB Flexible Automation, Rexroth Indramat, Bosch Rexroth, Lenze as well as Germanischer Lloyd and its successor company DNV GL Group. Finnish born Pekka Paasivaara has been leading HOMAG Group AG, which is majority-owned by the Dürr Group, since June 15, 2015, and he will continue to perform this task. Pekka Paasivaara studied economics in Finland and the United States and holds an MBA from IMD in Lausanne. Married with one child, he has been living in Germany for 23 years.

Short biography

  • Born in 1961
  • Nationality: Finnish
  • Study: Economics and Master of Business Administration
1988 – 1992 Dynawatt Power Systems, Finland and Switzerland
Founder and Managing Director
1994 – 1998 ABB Flexible Automation GmbH, Friedberg
General Manager BU Customer Services / Regional Manager Europe
1999 – 2004 Rexroth Indramat GmbH, Lohr am Main
Chairman of the Management Group

Bosch Rexroth, Electric Drives & Controls Division, Lohr am Main
Chairman of the Management Group
Global Project Management
2005 – 2007 Lenze AG, Hameln
Member of the Executive Board
2008 – 2014 Germanischer Lloyd SE (GL Group), Hamburg and London
Member of the Executive Board, CEO GL Industry

DNV GL Group, Oslo
CEO Oil & Gas, member of the Executive Committee DNV GL
2014 – 2015 Gerson Lehrman Group, London
Investment Advisory (M&A and strategy consulting)
since 2015 Chairman of the Board of Management of HOMAG Group AG

The Dürr Group is one of the world's leading mechanical and plant engineering firms with outstanding expertise in automation and digitization/Industry 4.0. Products, systems and services offered by the Group enable highly efficient manufacturing processes in different industries. Dürr supplies not only the automotive industry but also other sectors such as the mechanical engineering, chemical and pharmaceutical industries, and the woodworking industry. Dürr has 92 business locations in 31 countries. In 2017 the Group generated sales revenues of € 3.71 billion. The Group has around 15,000 employees and operates in the market via five divisions:

  • Paint and Final Assembly Systems: Paintshops and final assembly systems for the automotive industry
  • Application Technology: Robot technology for the automated application of paint, sealants and adhesives
  • Clean Technology Systems: Exhaust-air purification systems and energy efficiency technology
  • Measuring and Process Systems: Balancing as well as assembly, testing and filling technology
  • Woodworking Machinery and Systems: Machinery and equipment for the woodworking industry

This publication has been prepared independently by Dürr AG/Dürr group (“Dürr”). It may contain statements which address such key issues as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to those described in Dürr's disclosures, in particular in the chapter “Risks” in Dürr's annual report. Should one or more of these risks, uncertainties and other factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performances or achievements of Dürr may vary materially from those described in the relevant forward-looking statements. These statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Dürr neither intends, nor assumes any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.

Our financial reports, presentations, press releases and ad-hoc releases may include alternative financial metrics. These metrics are not defined in the IFRS (International Financial Reporting Standards). Dürr's net assets, financial position and results of operations should not be assessed solely on the basis of these alternative financial metrics. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the IFRS. The calculation of alternative financial metrics may vary from company to company despite the use of the same terminology. Further information regarding the alternative financial metrics used at Dürr can be found in our financial glossary.

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