Leading chemical distributor Brenntag has announced plans to convert from a German stock corporation into a European company, or Societas Europaea (SE). The group is currently a stock corporation under German law.

“Brenntag is an international group headquartered in Europe and employing people from over 100 nations, of whom 90 percent work outside Germany,” said CEO Steven Holland. “The SE as a supranational legal form stands for our global orientation and identity and the transformation is a consistent step in the further development of our company.”

Both Brenntag’s management and supervisory boards have decided on the move, which will see the company continue to be headquartered in Essen and governed on a dual basis by the two boards. The responsibilities and composition of the two bodies will not be affected by the new legal structure, Brenntag said.

The conversion is expected to take effect in the summer of 2020; it will be submitted for approval at the company’s general shareholders’ meeting in June 2020.

Shareholders of Brenntag AG will automatically become shareholders in Brenntag SE. The conversion will not affect the company’s listing on the Frankfurt Stock Exchange.