EANS-Adhoc: Lenzing AG
Lenzing Group intends to acquire remaining 30 percent
of its Chinese operation
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is responsible for the content of this announcement.
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Mergers - Acquisitions - Takeovers
24.10.2018
Highlights -
* Important step for further growth with specialty fibers
* Transaction generates negative impact on net profit of approx. EUR 21 mn
* Lenzing Group will hold 100 percent of Lenzing (Nanjing) Fibers Co. Ltd. after
closing
Lenzing/Nanjing - The Lenzing Group intends to acquire the remaining 30 percent
of its Chinese subsidiary Lenzing (Nanjing) Fibers Co. Ltd. (LNF) from its
state-owned joint venture partner NCFC. After closing of the transaction, the
Lenzing Group will hold 100 percent of LNF. The underlying structured selling
process was initiated by the joint venture partner in a state controlled bidding
process and today the Lenzing Group received the Share Purchase Agreement draft.
The closing of the transaction documents is expected for the end of October. The
acquisition will have a negative impact on net profit of the Lenzing Group of
approx. EUR 21 mn for the fiscal year 2018.
The purchase of the shares supports Lenzing's strategic growth as a producer of
specialty fibers from the renewable raw material wood in China and worldwide. It
paves the way to setting up further production lines for specialty fibers.
Lenzing wants to convert LNF into a specialty fibers hub over time.
Further inquiry note:
Lenzing AG
Mag. Waltraud Kaserer
Vice President Corporate Communications & Investor Relations
Tel.: +43 (0) 7672 701-2713
mailto:w.kaserer@lenzing.com
end of announcement euro adhoc
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issuer: Lenzing AG
A-A-4860 Lenzing
phone: +43 7672-701-0
FAX: +43 7672-96301
mail: office@lenzing.com
WWW: http://www.lenzing.com
ISIN: AT0000644505
indexes: ATX, WBI
stockmarkets: Wien
language: English
Original-Content von: Lenzing AG, übermittelt durch news aktuell