Klöckner & Co - acquisition of Temtco Steel in the US
Duisburg (euro adhoc) -
Second large acquisition closed by the company in the US Acquisition of a leading distributor of specialty plate products
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merger, acquisition and takeover
Duisburg, April 4, 2008 - Via its US operating subsidiary - Namasco Corporation headquartered in Atlanta, Georgia - Klöckner & Co AG has entered into an agreement to acquire the operating assets of the distribution company Taylor Equipment and Machine Tool Corporation (dba Temtco Steel), headquartered in Louisville, Mississippi. The acquisition is still subject to the approval of the American anti-trust authorities.
Temtco Steel is a leading distribution company for specialty plate with a large share of processing. Temtco Steel employs some 180 staff in 5 locations in the USA and generated sales of approximately EUR226 million in 2007. The high strength quenched & tempered steels, wear resistant steels and security steels have broad areas of application such as energy and heavy equipment industries, as well as the mining and transportation sectors.
After the acquisition of Primary Steel last year, a company which also has a focus on specialty plate, Klöckner & Co, through Namasco Corporation, continues to expand its market position for specialty plate and strengthens its presence in the North American steel and distribution market.
"With sales of approximately EUR226 million, Temtco Steel is just like Primary Steel, another larger distribution company in the North American market, which we acquired in 2007. The Temtco Steel acquisition not only strengthens our market presence, but also facilitates our expansion of our product portfolio in the area of high-grade specialty plates with a large share of processing," commented Dr. Thomas Ludwig, Chairman of the Klöckner & Co AG Management Board.
About Klöckner & Co AG:
Klöckner & Co is the largest producer-independent distributor of steel and metal products in the European and North American markets combined. The core business of the Klöckner & Co Group is the storage and distribution of steel and non-ferrous metals. About 210,000 active customers are supplied through more than 260 distribution locations in 15 countries in Europe and North America. During the financial year 2007, the Company achieved sales of approximately EUR6.3 billion with more than 10,000 employees.
The shares of Klöckner & Co Aktiengesellschaft are admitted to trading on the official market segment (Amtlicher Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment (Prime Standard) to the official market with further post-admission obligations. ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576. Klöckner & Co shares are listed in the MDax® Index of Deutsche Börse.
Contact persons: Klöckner & Co AG Am Silberpalais 1 47057 Duisburg, Germany
Peter Ringsleben, Claudia Uhlendorf - Corporate Communications Peter Ringsleben Phone: +49-203-307-2800 Fax: +49-203-307-5060 E-mail: peter.ringsleben@kloeckner.de Claudia Uhlendorf Phone: +49-203-307-2289 Fax: +49-203-307-5103 E-mail: claudia.uhlendorf@kloeckner.de
Claudia Nickolaus - Investor Relations
Claudia Nickolaus Phone: +49-203-307-2050 Fax: +49-203-307-5025 E-Mail: claudia.nickolaus@kloeckner.de
end of announcement euro adhoc
Further inquiry note:
Nadine Hagemus
Telefon: +49(0)203-307-2288
E-Mail: nadine.hagemus@kloeckner.de
Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: MDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
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