ots Ad hoc-Service: Fortec Elektronik <DE0005774103> Fortec AG acquires Altrac AG from Swiss Schaffner-Group
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Aschheim (Deutschland) and Dietikon (Schweiz)
(ots Ad hoc-Service) -
- Acquisition of highly profitable Attrac further improves profitability of Fortec Group - Access to Swiss Market with a total volume of over 100 million (Mio.) DM - Consolidation of Altrac beginning October 1, 2000
Fortec AG, Aschheim n. Munich (Germany), on September 30, 2000 will acquire in cash Altrac AG, Dietikon n. Zürich (Switzerland), from the Swiss Schaffner Group. Altrac is the leading distributor of power supplies, displays and embedded computers in Switzerland with estimated annual sales of 12 million (Mio.) DM in 2001. Fortec will pay in cash, using the pertaining liquidity position in the balance sheet. A capital increase is not necessary. Altrac will be consolidated within Fortec Group beginning October 1, 2000. In its core business Fortec gains access to a new market with a total volume of over 100 Mio. DM. On request of Schaffner Group, the companies agreed on non-disclosure of the selling price.
Altrac operates highly profitably at a profit margin even in excess of the margin of the Fortec Group. In fiscal year 2000/2001 (ending June 30, 2001), Altrac's contribution to earnings before tax (EBT) of the Fortec Group is expected to exceed Fortec's expenses on Altrac's goodwill depreciation plus opportunity costs on interest earnings lost through Altrac's acquisition in cash. The acquisition further strengthens Fortec's purchasing power. Due to the largely identical business segments Altrac can be integrated without incurring additional expenses. Fortec's net income will additionally benefit from the comparatively low tax rates for the profits gained in Switzerland.
In fiscal year 2000/2001, Fortec expects sales of over 60 Mio. DM. Further adding to Fortec's earnings predictability, the acquisition will improve profitablity of the Fortec Group.
In the past fiscal year 1999/2000 (ending June 30, 2000) Fortec reached a net income of 2.2 Mio. DM. The dividend will remain stable at 1 DM per share.
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Original-Content von: Fortec Elektronic AG, übermittelt durch news aktuell