31.05.2007 – 10:12
euro adhoc: Polytec Holding AG
Mergers - Acquisitions - Takeovers
GROUP acquires 100% of the business and assets of ISE Intex GmbH
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
POLYTEC HOLDING AG, has signed an agreement to acquire the business and assets of ISE Intex GmbH (Germany) - now under receivership after it has filed for bankruptcy late in 2006. The closing of the acquisition, bound on agreements to be made with OEMs and the labour union, as well as the consent of the antitrust authority, is expected for the 3rd quarter 2007.
ISE Intex develops and produces thermoplastic plastic parts and modules for the automotive industry. In 2006 it generated sales of approx. EUR 110 million with 1.000 employees at 4 plants. The product groups according to sales 2006 are: pillars (31%);engine parts (17%);trunk trims and door panels (18%);window frames (13%). ISE Intex sales 2006 by customer reflects the focus on German OEMs - BMW (34%), Mercedes Benz Car Group (25%), VW Group (21%), GM Group (7%) and others (13%).
In the range of engine parts, trunk trims and door panels ISE Intex was in the past a competitor of POLYTEC GROUP. With the product groups pillars and window frames POLYTEC GROUP can expand its business with the OEMs as they are new products.
The acquisition of the business and assets of ISE Intex is a perfect opportunity for the POLYTEC GROUP to expand its product range mainly for the automotive interior.
The integration of the business into the AUTOMOTIVE SYSTEMS DIVISION enables the division to assure its position, with combined sales 2006 of approx. EUR 485 million, within the European automotive industry. Above all the new product group´s pillars and window frames supplement the existing product range of the AUTOMOTIVE SYSTEMS DIVISION and positions the division increasingly as a supplier for interior parts.
At first, the employees of ISE Intex will be transferred into a BQG (a job creation and reskilling company). For the current production at the 4 plants in Morsbach/Lichtenberg and Waldbröl the AUTOMOTIVE SYSTEM DIVISION will need around 1.000 employees. In the long term one of the current plants (4) will be closed and the production transferred to one of the remaining ones.
After acquisition, POLYTEC GROUP will have 31manufacturing facilities in 13 countries all over the world.
With the acquisition of ISE Intex and the recently closed acquisition of Menzolit Fibron sales on a full year level will amount to EUR 750 million. It is to consider, that the group results 2007 will include the results of both acquisitions pro-rata.
end of announcement euro adhoc 31.05.2007 09:29:49
Further inquiry note:
Branche: Industrial Components
Index: ATX Prime
Börsen: Wiener Börse AG / official market