Conzzeta

EQS-Adhoc: Conzzeta: Acquisition in FoamPartner business unit


EQS Group-Ad-hoc: Conzzeta / Key word(s): Takeover/Agreement
Conzzeta: Acquisition in FoamPartner business unit

21-Jul-2017 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
--------------------------------------------------------------------------------
Acquisition in FoamPartner business unit
Conzzeta acquires Otto Bock Kunststoff

Zurich, July 21, 2017 - Conzzeta announces the signing of a binding agreement
for full acquisition of Otto Bock Kunststoff. Completion of the deal is expected
in the second half of 2017, subject to regulatory approval.

Otto Bock Kunststoff, domiciled in Duderstadt, Lower Saxony (Germany), generated
net revenue of around EUR 130 million in 2016 with a profitability that was
above-average for Conzzeta. The number of employees at the end of 2016 was
around 430 worldwide. The parties have agreed not to reveal the purchase price.

The high-quality foam materials, components and systems produced by Otto Bock
are a good fit with Conzzeta's foam materials solutions in its FoamPartner
business unit. The deal includes the takeover of all the shares in the joint
venture between Otto Bock and FoamPartner, which the two companies have run on a
50-50 basis in China since 2005.

The business being acquired mainly comprises foams used in the automotive
industry as interior linings for vehicles. The agreement will enable FoamPartner
to improve its access to the market for its own specialties in the Mobility
growth segment and become a global leader in polyurethane-based foam materials
for modern mobility solutions. These are used for example in the car, truck and
aviation industries for applications such as noise and thermal insulation,
seals, damping and padding. Wide-ranging technical know-how is available for
developing customized foam materials with special properties such as
fire-retardant ultralight applications for energy-efficient vehicles. In the
Living & Care market segment the portfolio of materials and products for
business customers will also be extended. The restructuring of the existing
joint venture in China will create the conditions to leverage the strong
position there for further growth.

The production sites to be taken over in Duderstadt (Germany), Rochester Hills
(MI, USA) and Changzhou (China) complement the existing FoamPartner production
sites and broaden the company's footprint in the designated growth regions. The
economies of scale resulting from the agreement will allow increased focus of
sales and generate synergies in procurement and, selectively, in the integration
of the respective organizations.

Michael Willome, Conzzeta Group CEO, comments: "For the Conzzeta Group, the deal
is another significant step in the internationalization of its activities and
expansion of its presence in Asia and North America, opening up further growth
opportunities. The largely complementary product portfolio of Otto Bock will
almost double the FoamPartner revenues, resulting in a substantial strengthening
of our market position."

Prof. Hans Georg Näder, Chairman and CEO of Otto Bock Holding & Co. KG,
comments: "For the strategic development of our group of companies, we
considered only premium partners who know the plastics business and are
committed to sustainable growth - and who would therefore further develop the
Duderstadt location. We are happy to have found the ideal partner in Conzzeta, a
group with a long-term perspective, and are convinced that teaming up with
FoamPartner is in the best interests of our employees."

For queries and further information, please contact:
Michael Stäheli, Head Investor Relations & Corporate Communications
Phone: +41 44 468 24 49; media@conzzeta.com

About Conzzeta
Conzzeta is a broadly diversified Swiss holding company. It stands for
innovation, reliability and a long-term perspective. Conzzeta strives to achieve
leading positions in its target markets, with above-average growth and long-term
value creation. Over 4000 employees at more than 60 locations worldwide are
dedicated to offering customers innovative solutions in Sheet Metal Processing,
Sporting Goods, Foam Materials, Graphic Coatings and Glass Processing. Conzzeta
is listed on the SIX Swiss Exchange (SIX:CON).

Additional features:


Document:http://n.eqs.com/c/fncls.ssp?u=KINRDFDEBC
Document title: Acquisition in FoamPartner business unit
--------------------------------------------------------------------------------
End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Conzzeta

          Giesshübelstrasse 45

          8045 Zürich

          Switzerland

Phone:    +41 44 468 24 49

Fax:      +41 44 468 24 53

E-mail:info@conzzeta.com

Internet: www.conzzeta.com

ISIN:     CH0244017502

Valor:    A117LR

Listed:   Regulated Unofficial Market in Berlin, Stuttgart; Open Market in
Frankfurt; SIX Swiss Exchange



 

End of Announcement EQS Group News Service

--------------------------------------------------------------------------------

594533  21-Jul-2017 CET/CEST
 



Weitere Meldungen: Conzzeta

Das könnte Sie auch interessieren: