EANS-News: Klöckner & Co sells Eastern European operations as part of its
restructuring program
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Strategic management decisions
Duisburg (euro adhoc) - Duisburg, December 21, 2012 - As announced, Klöckner &
Co is selling its entire Eastern European operations as part of its
restructuring program. In the first phase of the transaction, activities in the
Czech Republic, Bulgaria and Romania, which make up over two-thirds of Eastern
European operations, were sold. The sale of the remaining activities in Poland
and Lithuania is expected to be completed in the first quarter of 2013.
Klöckner & Co generates annual sales of some EUR100 million in Eastern Europe
with 255 employees at 14 sites (around 1.4% of Group sales). The sale is still
partly subject to approval by the antitrust authorities. It has been agreed not
to disclose the purchase price. The buyers are local competitors who will carry
on the activities independently.
Gisbert Rühl, Chairman of the Management Board of Klöckner & Co SE: "We are
making faster progress than expected in implementing our restructuring program,
in which a total of 60 sites will be closed or sold and the workforce reduced by
1,800 employees. The sale of the Eastern European operations is another
important milestone in it."
Klöckner & Co had recently significantly stepped up the restructuring program as
the economic outlook in Europe remains weak. By the end of the third quarter,
the Company had already closed 20 sites and cut 800 jobs.
About Klöckner & Co:
Klöckner & Co is the largest producer-independent distributor of steel and metal
products and one of the leading steel service center companies in the European
and American markets combined. The core business of
Klöckner & Co is the warehousing and distribution of steel and non-ferrous
metals as well as the operation of steel service centers. Based on the Group's
distribution and service network, more than 170,000 customers are supplied
through around 270 locations in more than 20 countries. Currently Klöckner & Co
employs around 11,000 employees. The Group had sales of around EUR7.1 billion in
fiscal 2011.
The shares of Klöckner & Co SE are admitted to trading on the regulated market
segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter
Wertpapierbörse) with further post-admission obligations (Prime Standard).
Klöckner & Co shares are listed in the MDAX®-Index of Deutsche Börse.
ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576.
Further inquiry note:
Dr. Thilo Theilen
Leiter Investor Relations & Corporate Communications
Telefon: +49 (0)203 307 2050
E-Mail: thilo.theilen@kloeckner.com
end of announcement euro adhoc
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company: Klöckner & Co SE
Am Silberpalais 1
D-47057 Duisburg
phone: +49(0)203-307-0
FAX: +49(0)203-307-5000
mail: info@kloeckner.de
WWW: http://www.kloeckner.de
sector: Metal Goods & Engineering
ISIN: DE000KC01000
indexes: CDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English