As owner of car manufacturer Steyr Automotive, which has recently made repeated cuts in staff, Siegfried Wolf is said to have paid out 107 million euros in profits. However, Wolf is said to have invested an even larger amount in the company.
The “Oberösterreichische Nachrichten” reported on Thursday that Wolf had this amount paid out to him, with reference to the 2022 annual accounts, which then showed a balance sheet profit of 134 million euros.
Three years ago, Wolf took over Steyr Automotive in Steyr, Upper Austria, from the German truck manufacturer MAN, which wanted to close the factory. At the time, more than 2,000 people worked there, now there are probably around 1,000. Wolf originally wanted to establish commercial vehicle production at the Russian Gaz Group. Due to the global political situation, nothing came of this.
More than 110 million euros from Wolf
The sole shareholder ASW Beteiligungsverwaltungs GmbH, supported by the private foundation ASW from the Wolf area, would have decided on the profit distribution. “Despite all the setbacks, the company was able to become profitable, has an equity of 45 percent and, not least thanks to the support of the owner, has never had to take out bank loans,” director Florian Mayrhofer emphasized to the newspaper.
In total, more than 110 million euros have been invested in new projects and infrastructure since Wolf joined the company. According to the information, the annual surplus last year amounted to 6 million euros.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
