Klöckner & Co - High book profit through the sale of Koenig Verbindungstechnik AG, Switzerland
Sales contract signed Strategic focus on core business
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companies/Sale
Duisburg (euro adhoc) - Duisburg, July 21, 2008 - Acting through its Swiss subsidiary Debrunner Koenig Holding (DKH), Klöckner & Co AG has signed a contract to sell Koenig Verbindungstechnik (KVT) to the private equity company Capvis. The sale price totals approximately EUR325 million, resulting in a book profit after taxes of about EUR265 million. The transaction is subject to approval by the antitrust authorities.
KVT, a wholly owned subsidiary of DKH, is involved in the market of fastening systems and sealing plugs, an area that is not part of the core business of Klöckner & Co AG. The planned sale was announced in the company´s report for the first quarter of 2008.
KVT, which is headquartered in Dietikon, Switzerland, has a workforce of about 300 people. In fiscal year 2007, it generated sales of about EUR120 million and earnings after taxes of around EUR20 million. Among other things, the company for fastening systems and sealing plugs sells self-clinching fasteners, riveting system, nuts as well as high-pressure fasteners used particularly in automotive technology for hydraulic applications.
"We are intensifying our focus on our core business in Europe just as we are doing in North America. The funds generated by the sale of KVT can be used to finance the expansion of Klöckner & Co," said Dr. Thomas Ludwig, CEO of Klöckner & Co AG.
About Klöckner & Co: 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.
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Further inquiry note:
Contact persons:
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
Phone: +49-203-307-2050
Fax: +49-203-307-5025
E-Mail: claudia.nickolaus@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
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade
Original content of: Klöckner & Co SE, transmitted by news aktuell