EANS-News: K+S Aktiengesellschaft Focus on core business: K+S sells COMPO to
investment company Triton
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Company Information
Subtitle: K+S Aktiengesellschaft / Focus on core business: K+S sells COMPO to
investment company Triton
Kassel (euro adhoc) - Kassel, Germany - June 20, 2011
Focus on core business
K+S sells COMPO to investment company Triton
With the consent of the Supervisory Board, the Board of Executive Directors of
K+S Aktiengesellschaft has decided to sell the business activities of COMPO to
the European private equity investor Triton. A corresponding sales agreement
was signed today. With this step, the examination of a sale of COMPO started
last year has reached its conclusion.
"We are pleased to have found in Triton what we believe is a good new owner for
COMPO. With its commitment and its overall concept, Triton sent a clear signal
for a positive future for the company," says Norbert Steiner, Chairman of the
Board of Executive Directors of K+S Aktiengesellschaft.
The effective economic date of the transfer is 1 March 2011. The closing of the
transaction, with an enterprise value of EUR 205 million for COMPO, is
expected
to take place as early as this summer. After the deduction of assumed
liabilities, K+S expects a cash inflow of probably about EUR 150 million.
The
transaction is not subject to a financing condition. The sale is subject to
approval by the EU antitrust authority. For K+S, the sale involves a book loss
of about EUR 90 million in the second quarter of 2011. This and the net
earnings
of COMPO generated this year prior to the closing will from then on be stated
as "discontinued operations". In financial year 2010, COMPO generated revenues
of EUR 402.3 million and an EBITDA margin of approximately 4%.
The strategy of the K+S Group provides for growth in the Potash and Magnesium
Products and the Salt business segments in particular and for focussing
management resources and financial means on this correspondingly. Against this
backdrop, K+S started the examination of a sale of COMPO last year. In the
second half of 2010, preparations were made for the company law and corporate
carve-out of COMPO from the K+S Group and were completed at the beginning of
2011. Contact was then made with potential investors and, within the framework
of a bidding process, a good new owner has now been found in Triton.
During the sale process, K+S was advised by the investment bank Goldman Sachs
and the law firm Freshfields Bruckhaus Deringer.
About Triton
Triton is an independent European private equity investor and focuses on
companies in German-speaking countries and Northern Europe. Triton invests in
market leaders in attractive niches with a high potential for increased value
and currently has an as yet uninvested fund volume of over EUR 1.5 billion at
its
disposal. Investors of the Triton funds are renowned institutional investors,
pension funds, families and foundations.
About COMPO
COMPO, based in Münster/Westphalia, is one of the leading suppliers of branded
goods for home and garden. The range of products includes fertilizers, plant
protection products, high-quality potting soils and speciality products for
public green areas, professional horticulture, special crops and special
applications in agriculture. The company has one of the best-known brand and
most innovative product portfolios in the sector and employs 1,075 people
globally.
About K+S
The K+S Group is one of the world's leading suppliers of standard and
speciality fertilizers. In the salt business, K+S is the world´s leading
producer with sites in Europe as well as North and South America. K+S offers a
comprehensive range of goods and services for agriculture, industry, and
private consumers which provides growth opportunities in virtually every sphere
of daily life. The K+S Group employs more than 15,000 people. The K+S share -
the commodities stock on the German DAX index - is listed on all German stock
exchanges (ISIN: DE0007162000, symbol: SDF). More information about K+S can be
found at www.k-plus-s.com.
Your contact persons:
Press:
Michael Wudonig, CFA
phone: +49 561 9301-1262
fax: +49 561 9301-1666
michael.wudonig@k-plus-s.com
Investor Relations:
Christian Herrmann, CFA
phone: +49 561 9301-1460
fax: +49 561 9301-2425
christian.herrmann@k-plus-s.com
Forward-Looking Statements
Statements in this release that are forward-looking statements are subject to
various risks and uncertainties. Such statements represent management's best
judgment as of the date hereof based on information currently available.
Statements in this press release other than purely historical information,
including statements relating to the companies' future plans and objectives or
expected results, constitute forward-looking statements. Forward looking
statements are based on numerous assumptions and are subject to all of the
risks and uncertainties inherent in the companies' business. The companies do
not assume the obligation to update any forward-looking statement.
Further inquiry note:
Press:
Michael Wudonig, CFA
phone: +49 561 9301-1262
fax: +49 561 9301-1666
michael.wudonig@k-plus-s.com
Investor Relations:
Christian Herrmann, CFA
phone: +49 561 9301-1460
fax: +49 561 9301-2425
christian.herrmann@k-plus-s.com
K+S Aktiengesellschaft
Communications
P.O. Box 10 20 29, 34111 Kassel, Germany
Bertha-von-Suttner-Str. 7, 34131 Kassel
www.k-plus-s.com
__________________________________________________________
Chairman of the Supervisory Board: Dr. Ralf Bethke
Board of Executive Directors: Norbert Steiner (Chairman), Joachim Felker, Gerd
Grimmig, Dr. Thomas Nöcker, Jan Peter Nonnenkamp
Registered Office: Kassel
Commercial Register: Kassel HRB 2669
end of announcement euro adhoc
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company: K+S Aktiengesellschaft
Bertha-von-Suttner-Straße 7
D-34131 Kassel
phone: +49 (0)561 9301-1460
FAX: +49 (0)561 9301-2425
mail: christian.herrmann@k-plus-s.com
WWW: http://www.k-plus-s.com
sector: Chemicals
ISIN: DE0007162000
indexes: DAX, Midcap Market Index, CDAX, Classic All Share, HDAX, Prime All
Share
stockmarkets: regulated dealing/prime standard: Frankfurt, regulated dealing:
Berlin, Hamburg, Stuttgart, Düsseldorf, Hannover, München
language: English