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Polytec Holding AG

EANS-Adhoc: Polytec Holding AG
General shareholders´ meeting gives green light for restructuring - POLYTEC spins off PEGUFORM together with the related liabilities from the purchase - additional credit line provides solid basis for the future

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
C.E.O. Interviews
26.06.2009
Today, the concept for the POLYTEC Group rescue, which resulted from 
several weeks of intensive negotiations with the banks, was agreed by
the general shareholders´ meeting. POLYTEC had experienced financial 
difficulties following the takeover of the PEGUFORM Group, as owing 
to the financial and economic crisis, the repayment of the borrowings
for the acquisition had become impossible.
Essentially, the restructuring concept agreed with the banks and now 
authorised, envisages that POLYTEC entirely spin off its holding in 
PEGUFORM. PEGUFORM will be taken over by the CROSS/UIAG Group, which 
in return will assume a large portion of the financing of the 
purchasing price totalling EUR 110 million, and also give up its 
20.3% stake in POLYTEC.  Moreover, the banks are to waive their right
to the remainder of the financing, amounting to EUR 59.5 million plus
interest. As a result of these measures, POLYTEC will be entirely 
free of any liabilities from the PEGUFORM takeover.
In addition, POLYTEC is to receive an additional credit line from 
Raiffeisen Landesbank Oberösterreich totalling EUR 31 million. 
POLYTEC will also keep the two composite production locations in 
Weiden (D) and Chodova Plana (CZ), which were formerly part of the 
PEGUFORM Group. This will allow the company to maintain its solid 
market position in this segment, which had been considerably 
strengthened by last year´s takeover.
Friedrich Huemer, the Polytec founder and CEO: "Unfortunately, the 
financial and economic crisis has meant that ultimately our highly 
promising concept for the takeover of PEGUFORM could not be 
implemented, as the financing of joint operations between the two 
companies proved impossible.
Under these circumstances, the solution that we have now found is 
thoroughly acceptable, because it allows us to avoid insolvency and 
clears the way to the future for both companies. POLYTEC has thus 
been preserved in its original structure and now we can focus all our
ambitions and energies on the earliest possible return to business 
success.
In this regard, the additional credit line that we have been granted 
constitutes both a positive impulse and an important competitive 
advantage, particularly in the turbulent market environment in which 
we are currently operating. Other strengths that I can see emanate 
from our proven competence in relation to key technologies and 
products, our long-term partnerships with customers, and our 
excellent reputation as a reliable supplier. These capabilities 
provide a basis for the systematic implementation of our 
restructuring concept, which envisages targeted optimisation in the 
fields of capacity, market development, liquidity management and cost
control."
end of announcement                               euro adhoc

Further inquiry note:

Manuel TAVERNE
POLYTEC GROUP
Investor Relations
Tel.+43(0)7221/701-292
manuel.taverne@polytec-group.com

Branche: Industrial Components
ISIN: AT0000A00XX9
WKN: A0CA1R
Index: ATX Prime
Börsen: Wien / official market

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