The German coffee roasting and plant machinery giant has taken the next steps in its corporate strategy to boost its international reach, but says no public offering is planned
An initial public offering is not planned and that the Probat Group will now operate solely under the Probat brand | Photo credit: Probat
Probat has announced that it is now operating as a stock corporation as it seeks to strengthen its international expansion plans.
The German company said that becoming a stock corporation provides the Probat Group with an opportunity to continue to ‘decisively and sustainably shape the international coffee market’.
A statement by the group said that an initial public offering is not planned and that the Probat Group will now operate solely under the Probat title.
"We have clearly focused our corporate strategy on growth and strengthening the international brand presence of the entire Group. The transformation into a stock corporation particularly focuses on further successful market development, which is an important pillar for the long-term success of Probat,” said Wim Abbing, CEO, Probat.
Probat began expanding the production area at its headquarters in Emmerich in September 2020, with the €40m ($40m) project expected to reach completion by the end of this year.
The company also recently established a climate strategy with the target to reduce Probat’s carbon dioxide emissions to net zero by 2030.
Founded in 1868, Probat currently holds subsidiaries in Brazil, Germany, India, Italy and the US and employs approximately 1,000 staff, around half of whom are based in Germany.