euro adhoc: Klöckner & Co AG
Strategic management decisions
Klöckner & Co
Aktiengesellschaft
Planned sale of subsidiary Namasco Ltd., Canada
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
03.12.2007
Duisburg, December 3, 2007 - Klöckner & Co Aktiengesellschaft intends to sell its Canadian subsidiary Namasco Ltd. The company today instructed an investment bank to start the sale process.
Namasco Ltd. operates primarily in the area of processing flat rolled metal products for the North American automotive industry. Due to structural changes in this industry and the market trend over the past few years, this business could only be expected to perform well for the company if the relevant services were expanded to the US. However, the core business of the Klöckner & Co Group does not include activities of this nature with automotive related customers. In the future, Klöckner & Co will continue to focus on its core business in North America, the distribution of steel and metal, and systematically expand the business.
Namasco Ltd. is headquartered in Burlington, Canada. The company has approximately 400 employees and generated sales of around EUR 293 million in the 2006 financial year.
Issuer: Klöckner & Co Aktiengesellschaft, Am Silberpalais 1, 47057 Duisburg, Germany. The shares of Klöckner & Co Aktiengesellschaft are admitted to trading on the official market segment (Amtlicher Markt) of the Frankfurt Stock Exchange with simultaneous admission to the sub-segment (Prime Standard) with further post-admission obligations. ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576.
end of announcement euro adhoc 03.12.2007 13:35:38
Further inquiry note:
Helmut Geisen
Telefon: +49(0)203-307-2007
E-Mail: helmut.geisen@kloeckner.de
Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: CDAX, Classic All Share, Prime All Share, MDAX
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade