EANS-Adhoc: Polytec Holding AG
POLYTEC HOLDING AG SELLS POLYTEC COMPOSITES
ITALIA TO INDUSTRIE METALLVAKUUM RANGER S.P.A.
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
29.12.2010
Today POLYTEC HOLDING AG signed an agreement to sell 100% of the shares of POLYTEC Composites Italia (PCI) to Industrie Metallvakuum Ranger S.p.a. (IMR).
IMR produces composites, injection moulded parts and furthermore it builds also SMC- and injection moulding tools mainly oriented to the Italian automotive market. Due to its strong local footprint, IMR will have the ability to gain synergies by consolidating the SMC production for the local market at one site.
For POLYTEC GROUP, the strong boundary of the Italian market, the companies low synergy potential within the group as well as its weak long term perspective due to changes in technology at key products were crucial for the decision of the management, to sell the company for an attractive valuation due to the local relevance of PCI to IMR. The transaction has the total acceptance of the main customer of PCI (Fiat/Iveco).
Earnings situation of POLYTEC COMPOSITES Italia
in mill. 2009 2010E Sales 17,2 32,5 EBIT -1,7 0,4
In line with this transaction the parties agree to maintain certain cooperation concerning the supply of raw material and moulds.
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: Wien / official market