Conzzeta

EQS-Adhoc: Conzzeta: Sale of stake in US joint venture


EQS Group-Ad-hoc: Conzzeta / Key word(s): Disposal/Joint Venture
Conzzeta: Sale of stake in US joint venture

11-Aug-2017 / 06:50 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Realignment within FoamPartner business unit
Conzzeta sells stake in US joint venture

Zurich, August 11, 2017 - Conzzeta announces the sale of its 51% stake in the US
joint venture Woodbridge FoamPartner Company, Chattanooga (TN, USA) and the
signing of a supply contract with The Woodbridge Group. This move will simplify
access to the North American market for the FoamPartner business unit.

The joint venture, founded in 2006 with The Woodbridge Group, manufactured and
processed technical polyurethane foams for the US market. The reorganization of
the existing joint venture structure through the sale to The Woodbridge Group
and the conclusion of a supply agreement will enable FoamPartner to further
develop the American market for foam material solutions independently, without
contractual restrictions. Already on July 21, Conzzeta announced that it was
taking over Otto Bock Kunststoff, including the reorganization of the joint
venture structure in China.

Michael Willmore, Conzzeta Group CEO, comments: "With this further step we are
paving the way for additional growth in the USA, where we will significantly
expand our business volume as a result of the transaction announced on July 21.
The restructuring of the two joint ventures will reduce the complexity of
FoamPartner's business in Asia and North America, its most important growth
regions."

The retroactive closing of the transaction per July 1, 2017, will lead in the
second half of the year to a middle single-digit million one-off gain in the
Chemical Specialties segment. In the first half of 2017, the revenue
contribution of the proportionally consolidated Woodbridge FoamPartner Company
was CHF 5.1 million at average profitability for FoamPartner.

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 group of companies. It stands for
innovation, reliability and a long-term perspective. Conzzeta strives for
leading positions in its target markets, above-average growth and long-term
value creation. Over 4200 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=TCITAXGNQK
Document title: Sale of stake in US joint venture
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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

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600733  11-Aug-2017 CET/CEST
 



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