euro adhoc: Sartorius AG
Sartorius Minority Shareholding Diessel
GmbH & Co. KG Files for Insolvency (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
The executive management of Diessel GmbH & Co. KG in Hildesheim filed a petition today to open insolvency proceedings. B. Braun Biotech International GmbH, a subsidiary of Sartorius AG, is a minority shareholder in Diessel GmbH & Co. KG, with 38.88 percent.
This step became unavoidable due to an excess of liabilities over assets, combined with the company's impending inability to pay debts. A thorough analysis, introduced after the occurrence of irregularities, uncovered not only serious misjudgements but also manipulations, some of which were extensive, in inventory figures and project handling in past financial periods. The analysis disclosed a failure to preserve the company's real-asset values which cannot be compensated by Diessel's positive market position, nor by the synergies aspired to with the Sartorius Group.
The Sartorius Group anticipates a one-time, non-cash related burden on its earnings before interest and taxes (EBIT) in fiscal 2003 due to the petitioned insolvency, in an amount within the single-digit range (in millions of euros). The Executive Board of Sartorius AG is currently considering its options for taking legal action in this matter.
end of announcement euro adhoc 30.09.2003
Further inquiry note:
Rainer Lehmann
Tel.: +49 551 308 4034
rainer.lehmann@sartorius.com
Branche: Biotechnology
ISIN: DE0007165607
WKN: 716560
Index: CDAX, Prime All Share, Prime Standard, Technologie All Share
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