OMV Aktiengesellschaft

euro adhoc: OMV Aktiengesellschaft
OMV divests Polyfelt to Netherlands-Based Royal Ten Cate

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- Strategic divestment enables OMV to focus on core business  - Price: EUR 70 million - Royal Ten Cate is a global leader in technical textiles - Strong and strategic investor to build on Polyfelt’s leading position; opportunity to expand Geosynthetics Group

OMV, the leading oil and gas group in Central Europe, has sold its wholly owned subsidiary Polyfelt GmbH to the Dutch multinational Royal Ten Cate. The sales revenue considering the net debt amounts to EUR 70 mn. As the leading global supplier of technical textiles, Netherlands-based Royal Ten Cate is a strong and stable investor, which will fully support Polyfelt as it consolidates its international position. Through this transaction, Polyfelt - Europe’s largest geosynthetics pro-ducer will be part of Royal Ten Gate, the geosynthetics market leader in the US. Polyfelt’s European Geotextile- and Geosynthetics businesses will continue to be located at its Linz headquarters. OMV and Royal Ten Cate signed the agreement on 11 October 2005, with closing expected to take place by the end of this year. The transaction is subject to the approval of competition authorities.

OMV’s decision to sell Polyfelt to a strategic investor is a logical step. With its increasing specialization in geotextiles, the Polyfelt group is less central to OMV’s business model. The acquisition of Polyfelt is an optimal addition to Royal Ten Cate’s portfolio, safeguarding Polyfelt’s future growth.

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ots Originaltext: OMV Aktiengesellschaft
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Branche: Oil & Gas - Downstream activities
ISIN:      AT0000743059
Index:    ATX Prime, ATX
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