euro adhoc: Polytec Holding AG
Mergers - Acquisitions - Takeovers /
Acquisition of PEGUFORM GROUP - "Advancement to the TOP 100 suppliers of the
automotive industry"
Hörsching, August 29, 2008 (VSE: PYT) -
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
29.08.2008
POLYTEC HOLDING AG acquires PEGUFORM GROUP, one of the leading European Automotive Suppliers, from CERBERUS Capital Management L.P. With combined sales of 2.2 billion EUR, POLYTEC GROUP advances to the TOP 100 Suppliers of the Automotive Industry.
POLYTEC GROUP POLYTEC GROUP, based in Hörsching/Linz (Austria), is one of the well-known European suppliers of the automotive- and commercial vehicle industry. With sales of 800 mill EUR (outlook 2008) and a total of 6,500 employees, the company produces and assembles on 29 sites in Europe, North America and South Africa. The core products are door panels, headliners, engine parts and exterior parts for passenger cars, as well as composites parts (SMC) for commercial vehicles and passenger cars. The main customers are BMW (26%), Mercedes (12%), VW (7%).
PEGUFORM GROUP PEGUFORM GROUP, based in Bötzingen (Germany), is one of the leading European Supplier of systems and modules for the interior and exterior of passenger cars. In the business year 2007 the company achieved sales of 1.4 billion EUR with its 7,000 employees, a total. The group´s main products are bumper systems and front-end modules as well as cockpits and door panels. The company produces and assembles on 18 sites in Europe, Brazil and Mexico and runs 3 joint ventures in Spain, Portugal and China. The core customers are: Seat (22%), Audi (20%), VW (20%), BMW (10%). PEGUFORM GROUP is one of the leading producers of bumper systems and front-end modules as well as door panels in the European market.
STRATEGIC PURPOSE The acquisition and combination of PEGUFROM GROUP with POLYTEC GROUP is, with its new sites in Mexico and Brazil, as well as the joint ventures in China, Portugal and Spain, an important step to a global positioning of the group. Also the significance to important customers increased and the market position with respects to core products improved. As a result of the acquisition POLYTEC GROUP advances to the TOP 100 suppliers of the automotive industry worldwide (approx. position 60) with combined annual sales of 2.2 billion EUR.
- Wide positioning within the European Automotive industry - Gaining a significant market position as supplier of door panels to the German market - Gaining a significant market position as supplier of bumper systems and front-end modules to German and Spanish market - Strengthen the position as a European producer of composite parts to the automotive and commercial vehicle industry
The purchase price, which is agreed not to disclosed, will be financed with cash reserves and the existing credit lines. A capital increase is not necessary and from today´s view also not planned.
For the closing of the acquisition, which is expected for the end of September/beginning of October 2008, the consent of antitrust authorities is required. ********************************************
Conference call: On the occasion of the current development, conference calls for media (10:30 CET) as well as for analysts/investors (1pm CET) are scheduled today. Dial in data and the presentation can be requested via phone (+43 7221 701 292) or e-mail (investor.relations@polytec-group.com).
The CEOs of POLYTEC GROUP and PEGUFORM GROUP are available for One-on-Ones after the conference call. We ask you to inform us (contact details below) in advance about your interest.
Media information: Photographic materials for unrestricted use as well as a presentation with further information about products, customers and production sites is available via the link below www.polytec-group.com
Further information about PEGUFORM GROUP - www.peguform.de
end of announcement euro adhoc
Further inquiry note:
Manuel TAVERNE
POLYTEC GROUP
Investor Relations
Tel.+43(0)7221/701-292
manuel.taverne@polytec-group.com
Branche: Industrial Components
ISIN: AT0000A00XX9
WKN: A0CA1R
Index: ATX Prime
Börsen: Wiener Börse AG / official market