Klöckner & Co makes acquisition in United Kingdom
Duisburg (euro adhoc) -
UK subsidiary acquires Westok Ltd, a major supplier of cellular beams to structural fabricators Already the eighth acquisition of Klöckner & Co AG in 2007
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merger, acquisition and takeover
Duisburg, 15 June 2007 - Klöckner & Co AG is continuing its growth in the UK: Klöckner UK Holdings Ltd., Klöckner & Co AG's holding company in the UK, has signed an agreement to buy Westok Ltd. based in Horbury, West Yorkshire. Thanks to this move, Klöckner & Co is expanding its already strong market position in the UK. The acquisition of Westok is the eighth acquistion of Klöckner & Co AG in fiscal year 2007.
Westok specialises in the manufacture and distribution of special steel sections, known as cellular beams, for floor and roof construction as well as bridges. With this specialist product, Westok serves a broad customer base in the UK's growing construction industry. In 2006, the company generated sales of around EUR26 million with 90 employees.
"Westok has outstanding competency in deploying steel girders in the construction industry and is excellently positioned and extremely successful in this area. With its innovative products and high service levels, this acquisition will supplement the broad offering of the UK company, expand its customer base and generate additional synergies," explained Dr. Thomas Ludwig, CEO of Klöckner & Co AG.
Klöckner UK predominately trades under the name ASD metal services. Together with a handful of niche businesses, this comprises 41 business units operating across 29 sites in the UK, and employs 1100 people.
About Klöckner & Co AG:
Klöckner & Co is the largest independent producer and 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 200,000 active customers are supplied through approximately 240 distribution locations in 14 countries in Europe and North America. Klöckner & Co was founded more than 100 years ago by Peter Klöckner. During the financial year 2006, the Company achieved sales of approximately EUR5.5 billion with around 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.
Contacts: Peter Ringsleben, Claudia Uhlendorf - Corporate Communications
Klöckner & Co AG Am Silberpalais 1 D - 47057 Duisburg
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
end of announcement euro adhoc 15.06.2007 13:05:55
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: CDAX, Classic All Share, Prime All Share, MDAX
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
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Original content of: Klöckner & Co SE, transmitted by news aktuell