TomTec buys outstanding shares

TomTec Imaging Systems GmbH of Germany's senior management has been ableto acquire outstanding shares held by Kretztechnik AG of Austria. TomTec is a global provider in the area of 2D-, 3D- and 4D-solutions for medical ultrasound.

After a management buyout in 1997, TomTec decided to take on Kretztechnik as a shareholder for its board. At the beginning of the collaboration, Kretztechnik held 33.33% of TomTec's shares although, as of early 2000, all but 7.2% of Kretztechnik's shares were sold to ABN AMRO Ventures of the Netherlands. After GE Medical Systems acquired Kretztechnik, TomTec was put into a competitive scenario. At this point, the company explains, TomTec's senior management started to negotiate the acquisition of the outstanding shares and has now successfully completed these transactions.

"With this acquisition, the four active shareholders - Holger Frank, Bernhard Mumm, Frank Schlau and Ulrich Haupt - set an example and place another milestone in further developing TomTec's leading role as a global player. With this transition completed, the TomTec senior management has possession of 44.31% of the shares and TomTec employees hold 2.14% shares," stated the firm's chief executive, Ulrich Haupt.