euro adhoc: ElringKlinger AG
Mergers - Acquisitions - Takeovers /
ElringKlinger announces full takeover of Spanish subsidiaries
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
Company Information
10.03.2008
The ElringKlinger Group acquires the remaining stake of 49.0% in the Spanish subsidiary ElringKlinger, S.A., Reus, effective from March 07, 2008. In addition, ElringKlinger purchases the remaining 10% interest in ElringKlinger Sealing Systems, S.L., also based in Reus. In doing so, ElringKlinger AG has underlined its commitment to the strategy of acquiring in full any minority interests held in Group entities.
In 2007, the two Spanish subsidiaries generated total sales revenues of EUR 32.2 million and achieved an operating margin towards the lower end of the ten to twenty percent range. Approximately half of the sales revenues generated are with ElringKlinger AG or subsidiaries of ElringKlinger Group. The two Spanish subsidiaries have already been included in the scope of consolidation of ElringKlinger Group.
Both parties have agreed not to disclose details of the purchase price. The purchase price is towards the lower end of the double-digit million Euro range. ElringKlinger expects the full takeover to be earnings accretive already in 2008.
ElringKlinger Sealing Systems, S.L. operates as a production enterprise for the manufacture of plastic cam covers. ElringKlinger, S.A. has established itself as a specialist within the area of high-end rubber and metal components, manufacturing elastomer and metal-elastomer gaskets under cleanroom conditions. Among other things, Reus is to be further expanded as a production site of the ElringKlinger Group, the emphasis being on small-batch production tailored specifically to the aftermarket segment.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Stephan Haas
Investor Relations Manager
phone: +49 (0)7123 724-137
e-mail: stephan.haas@elringklinger.de
Branche: Automotive Equipment
ISIN: DE0007856023
WKN: 785602
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Düsseldorf / free trade
Börse München / free trade
Börse Stuttgart / regulated dealing
Original content of: ElringKlinger AG, transmitted by news aktuell