Airopack Technology Group AG

EQS-Adhoc: Airopack Technology Group starts procedure to terminate JV with Resilux


EQS Group-Ad-hoc: Airopack Technology Group AG / Key word(s): Miscellaneous
Airopack Technology Group starts procedure to terminate JV with Resilux

07.01.2016 / 07:25
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

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Airopack Technology Group starts procedure to terminate JV with Resilux

- Deadlock notice served to Resilux regarding Airolux joint venture

- Actions being taken as Resilux has refused to constructively engage

- ATG remains determined to unlock growth potential of Airopack

Baar, 7th January 2016 - Airopack Technology Group AG ("ATG") today announces
that it has undertaken steps to initiate a formal termination of its Airolux AG
("Airolux") joint venture with Resilux NV ("Resilux"). ATG believes Resilux
cannot provide sufficient strategic support to the joint venture to achieve the
Airopack technology's unique growth potential and to meet customer demands.
ATG's actions are being commenced given Resilux's lack of support in the JV and
after Resilux has refused to constructively engage with regard to the offer made
on 14th December 2015 to acquire Resilux's stake in the joint venture.

Following Resilux's lack of engagement, ATG has issued a Deadlock Notice to
Resilux under the terms of the Airolux joint venture agreement, which will allow
ATG to initiate procedures terminating the relationship. Previously, ATG
presented Resilux an offer to acquire the Airolux stake from Resilux, including
full repayment of all Resilux's outstanding shareholder loans and financial
debts, alongside a long-term supply agreement for PET preforms and container
parts. ATG is following a thorough process, including properly and sufficiently
informing Resilux.

On 17th December 2015 ATG announced that it had initiated discussions with
Resilux to undertake an acquisition of its 50% stake in Airolux and that it had
entered into a transaction with funds managed by affiliates of Apollo Global
Management, LLC (intended, in part, to finance the buy-out). The buy-out of the
joint venture will allow ATG to accelerate the Airopack growth potential,
improve time to market, reduce costs, and enhance the organizational footprint.

ATG remains resolute in its intention to acquire Resilux's stake, and is
proceeding with steps towards a formal termination of the relationship, which
are clearly set out in the joint venture agreement with defined steps and
timelines.

ATG's serving of the deadlock notice will have no impact on day-to-day
operations and Airolux will continue production in the normal course of
business.

ATG also refers to its press release of the 17th December 2015 "Strategic
Partnership with funds affiliated with Apollo Global Management".

Further announcements will be made if and when appropriate.

For more information:

Investors: Media:

Airopack Technology Group AG Hill + Knowlton Strategies
Quint Kelders, CEO / Frans van der Vorst, CFO Frans van der Grint
Zugerstrasse 76b T: +31 (0) 20 404 4707 / M: + 31 (0) 6 29044053
CH-6340 Baar E-Mail: frans.vandergrint@hkstrategies.com
TF: +31 416 300 800
E-Mail: quint.kelders@airopackgroup.com
frans.vandervorst@airopackgroup.com
www.airopackgroup.com

 

 
Airopack Technology Group AG is a leading developer and supplier of mechanical
and pressure-controlled dispensing packaging technologies and systems for
manufacturers and suppliers of cosmetics, body care, pharmaceutical and food
products. The revolutionary and worldwide patented Airopack(R) technology offers
a safe, all-plastic pressurized dispenser that is environmentally friendly: no
inhalation risks, no propellants and no unnecessary waste. Unlike other
pressurized dispensers that use propellants Airopack(R) uses just normal
compressed air which results in dispensing a formulation at constant pressure
from start to finish.
 
Airopack Group does not only offer this patented technology but also has a
Full-service operation. With this Full-service operation Airopack Group provides
a turnkey solution to quickly and easily launch customer products in
Airopack(R). Via the unique Full-service operation Airopack Group can mould,
assemble, sleeve or label, fill and pack Airopack(R) to customer's
specifications. In addition Airopack Group has a highly experienced laboratory
for formulation development and bulk production to ensure the best quality and
control.
 
Airopack Technology Group operates a manufacturing facility in Glarus Nord,
Switzerland, a Full-service operation in Belgium, global R&D and customer
service facility in Waalwijk, the Netherlands and sales offices in the United
States of America. With deliveries to the world's largest and leading consumer
brands, Airopack Technology Group reached a key milestone in 2015 with respect
to commercial market entry. The shares of the company are listed on the Swiss
Reporting Standard of the SIX Swiss Exchange since 2010. (Ticker: AIRN / ISIN:
CH0242606942).
 

 
www.airopackgroup.com
 

End of ad hoc announcement

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07.01.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive:
http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.
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Language: English

Company:  Airopack Technology Group AG

          Zugerstrasse 76b

          6340  Baar

          Switzerland

Phone:    +41 417663500

Fax:      +41 417663509

E-mail:frans.vandervorst@airopackgroup.com

Internet: www.airopackgroup.com

ISIN:     CH0242606942

Listed:   Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart; Open Market in Frankfurt ; SIX


End of News EQS Group News Service
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