euro adhoc: A-TEC Industries AG
Management Changes
A-TEC Industries AG signs
memorandum of understanding (MoU) on the acquisition of turbine manufacturer
Franco Tosi Mecchanica
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Company Information/Franco Tosi Mecchanica
09.10.2007
Vienna, 9 October 2007 - A-TEC Industries AG (ISIN AT00000ATEC9) today signed a memorandum of understanding on the acquisition of the operations of Franco Tosi Mecchanica (FTM) in Legnano, Italy.
Franco Tosi Mecchanica is a leading manufacturer of gas, steam and hydraulic turbines, and other power station equipment. The current owner, the Casti Group has decided to sell the Franco Tosi turbine business in order to focus on its core activities manufacturing castings and stampings for the motor and engineering industries.
The acquisition is planned for November 2007, after clearance has been received from the competition authorities. Franco Tosi Mecchanica is to be included in A-TEC´s Plant Construction Division.
FTM has currently about 600 employees at the Legnano site, and revenue was EUR 85 million (m) in 2006. With order backlog at EUR 170m, full capacity utilization is given until 2009.
Commenting on the transaction, A-TEC Industries CEO Mirko Kovats said: "Entering the turbine business will represent a major advance towards becoming a full-line gas and steam power generation systems supplier. The planned acquisition will also present many opportunities for us in the hydro power market."
end of announcement euro adhoc 09.10.2007 07:59:00
Further inquiry note:
A-TEC INDUSTRIES AG
Wächtergasse 1, A-1010 Wien
www.a-tecindustries.com
Investor Relations contact:
Gerald Wechselauer
Head of Investor Relations
Phone: +43 1 22760 - 130
Mobile: +43 (0)664 6104475
Email: gerald.wechselauer@a-tecindustries.com
Press contact:
Claudia Müller-Stralz
Pleon Publico Public Relations & Lobbying
Phone: +43-1-71786-107
E-Mail: claudia.mueller@pleon-publico.at
Branche: Holding companies
ISIN: AT00000ATEC9
WKN:
Index: ATX Prime
Börsen: Wiener Börse AG / Regulated free trade