Porsche Supports Construction of a New Building for the John Cranko School with a Contribution of Ten Million Euro

STUTTGART, Germany, December 11, 2013 /PRNewswire/ --

Porsche AG is expanding its sponsorship of cultural activities in Stuttgart and supporting the construction of a new building for the John Cranko School over the next four years - with a contribution totalling ten million euro. The money will be paid in four equal instalments to the "Foundation for the Promotion of the John Cranko School of the Stuttgart State Theatre of Baden-Württemberg", a legally dependent foundation of the state capital, Stuttgart. The school is one of the most prestigious ballet schools in the world. Stuttgart city council is also contributing 16 million euro to the foundation.

Lutz Meschke, Chief Financial Officer at Porsche AG, believes that the recent involvement is simply a logical step: "As the main sponsor of the Stuttgart State Ballet, we are obviously very interested in working intensively with young, upcoming talent. After all, this focus forms a vital basis for maintaining the worldwide reputation of the State Ballet in the long term." For the city of Stuttgart, the endowment from the sportscar manufacturer represents a milestone in the process of constructing the new building on the site of the old school - a project that is set to cost around 45 million euro in total. Speaking in Stuttgart, Lord Mayor Fritz Kuhn said: "Thanks to its generous support through this endowment capital, Porsche is proving its extraordinary commitment to the city of Stuttgart." According to Kuhn, this commitment guarantees "that Stuttgart will continue to hold great appeal to young dancers from around the world and that we will be able to consolidate our top international position in ballet - and go even further." The support is a win for the city and the region in a number of respects, Lord Mayor Kuhn went on to say.

The contribution for the construction of the new building for the John Cranko School represents a logical step in Porsche's continued sponsorship of cultural activities.

Be it as the main sponsor of the Leipzig Gewandhaus, the Leipzig Opera Ball or, as already mentioned, the Stuttgart State Ballet, Porsche lends its support to cultural institutions and events with international reputations. "Our partners stand for tradition, innovation and perfection - but also for pleasure, dynamism and culture. In doing so, they embody all that makes our own products so unique," said Lutz Meschke, emphasising the importance of Porsche's partnerships.

Yet the contribution for the John Cranko School not only fits into Porsche's concept of cultural sponsorship - it is also further proof that Porsche places great value on promoting young, upcoming talent. This applies both to Porsche's cultural sponsorship activities as well as the Porsche sports promotion programme. According to Lutz Meschke: "Excellence can only be achieved by those who have received the best training, and it is therefore important for us to provide as much support to young talents in sport and culture as we do to our own talents within our company."

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SOURCE Porsche AG