Metall Zug Group: Heinz M. Buhofer and Peter Terwiesch will not stand for re-election to the Board of Directors

Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

Zug, December 6, 2021 - The current members of the Board of Directors, Heinz M. Buhofer and Peter Terwiesch, will not stand for re-election at the Annual General Meeting of Metall Zug AG on April 29, 2022.

Together with other members of his family, Heinz M. Buhofer (65) holds a total of 67.5% of the voting rights of Metall Zug AG as per the disclosure notification of November 10, 2021. He has fulfilled various leading roles in the Metall Zug Group over the past years and decades. In 1997, he became a member of the Board of Directors and has been representing the Buhofer family at Metall Zug ever since. He was Chairman of the Board from 2013 to 2019 and CEO of Metall Zug AG from 2002 to 2008. Since he joined the Board of Directors, the Metall Zug share price has multiplied, and shareholders have also been allocated shares of Zug Estates Holding AG and V-ZUG Holding AG. He has reached retirement age and will therefore not stand for re-election at the Annual General Meeting of Metall Zug AG on April 29, 2022.

The retirement of Heinz M. Buhofer from the Board of Directors marks the end of an era. Heinz M. Buhofer has strongly shaped the face of Metall Zug and, as patron, has always been a visible guarantor not only of steady and long-term value generation, but also of the Group's values, which are aligned to the long-term perspective and sustainability. He expressed his understanding of entrepreneurship succinctly in the guiding principle of the Metall Zug Group's Code of Conduct: "A success is only a success if it is achieved by fair and honest means."

Important milestones among many others were the two major acquisitions of Schleuniger in 2008 and Haag-Streit in 2018 as well as the two spin-offs of Zug Estates in 2012 and V-ZUG in 2020, behind which Heinz M. Buhofer was the driving force. For the shareholders, these spin-offs resulted in their participation in three listed, independent companies. With regard to the spin-off of V-ZUG, Heinz M. Buhofer was prepared to step in as CEO of V-ZUG on an interim basis for one year and assume responsibility until a new long-term CEO of V-ZUG could be found in Peter Spirig. The innovative Tech Cluster Zug project and the Metall Zug Group's commitment to honest sustainability topics would not have achieved their current impact without his personal commitment. Thus, with the development of the Tech Cluster Zug site, he is striving to create a future-proof piece of city that will enable industrial production in Switzerland's high-priced location on limited space, thanks to vertical factories, thus bringing jobs to the region and at the same time combining research and development, commerce and affordable housing. The Board of Directors would like to thank Heinz M. Buhofer for his commitment, his heart and soul, and his tireless dedication to human qualities and values, and wishes him all the best for the future. Upon request of the Board of Directors of Metall Zug AG, Heinz M. Buhofer is willing to continue to be a member of the boards of directors of certain subsidiaries (currently Belimed AG, Belimed Life Science AG, Tech Cluster Zug AG and Urban Assets Zug AG).

In addition to Heinz M. Buhofer, Peter Terwiesch (55) will also not be standing for re-election to the Board of Directors. Peter Terwiesch, President Process Automation Business Area and member of the Executive Committee of ABB, was first elected to the Board of Directors of Metall Zug AG in 2010. He will be proposed as a new member of the Board of Directors of the Hilti Group in 2022. Despite his involvement with ABB, Peter Terwiesch always demonstrated an enormous availability and depth of detail for the concerns of Metall Zug, and formatively brought in his broad industrial experience and analytical skills in the discussions within the Board of Directors. The Board of Directors would also like to thank him for his valuable commitment and great dedication to the Metall Zug Group over the past more than ten years and wishes him all the best.

The formal celebratory farewell of Heinz M. Buhofer and Peter Terwiesch will take place at the next Annual General Meeting. Information on the proposals for future appointments to the Board of Directors of Metall Zug AG will be provided in due course.

About the Metall Zug Group

Metall Zug is a group of industrial companies headquartered in Zug. The Group has around 3,000 employees and comprises five Business Units:

  • Infection Control (Belimed Group)
  • Medical Devices (Haag-Streit Group)
  • Wire Processing (Schleuniger Group)
  • Technologycluster & Infrastructure (Tech Cluster Zug AG, Urban Assets Zug AG)
  • Others (Belimed Life Science Group, Gehrig Group AG and Metall Zug)

The holding company Metall Zug AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich (type B registered shares: securities number 3982108, ticker symbol METN).


Legal Notes

The expectations expressed in this announcement are based on assumptions. Actual results may vary from those anticipated. This announcement is published in German and English. The German version is binding. Metall Zug AG processes personal data in accordance with its privacy statement available under:

Key dates

March 15, 2022     Publication Annual Report 2021
April 29, 2022       Ordinary Annual General Meeting of Shareholders
August 11, 2022    Publication Half-year Report 2022

Further information

Daniel Keist
Chief Financial Officer
Phone: +41 58 768 60 50
Bettine Killmer
Deputy Head of Corporate Communications & IR
Phone: +41 58 767 60 50


The announcement is available at


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