EANS-News: Wolford AG Wolford in negotiations to sell and rent the company property in Bregenz
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Strategic Management Decisions
Bregenz -
* Headquarters and production remain on site
* Fresh capital for debt reduction and securing the company's future
Wolford AG is currently in the final phase of negotiations with the Blum Group
on the sale and rental of the company property in Bregenz, Wolfordstraße 1 and
2. The purchase price offered amounts to approximately EUR 72 million. The
company plans to rent the space required for the headquarters, innovation and
product development as well as production ("textile center") on a long-term
basis.
"We very much hope for a successful conclusion of the transaction, because this
step is good for Wolford and for the Bregenz location," emphasizes Andrew
Thorndike, CEO and COO.
The sale of the property will provide Wolford with fresh capital and is expected
to repay all credit lines of the Austrian banking partners and the majority
shareholder. In addition, Wolford will also have the financial resources to
properly position the company for the future.
For the employees, nothing will change as a result of this transaction, as the
headquarters and the textile center will remain on site. The importance of
Bregenz as a textile center
has also been emphasized by Wolford's Supervisory Boardon on several occasions.
The current sales negotiations were preceded by a bidding process lasting
several months with several prospective buyers before Wolford entered into
exclusive negotiations with the renowned furniture hardware manufacturer Blum.
The background to the transaction is, among other things, the fact that many
spaces in the building at the headquarters are unused and generate corresponding
costs. This is another reason why a sale with simultaneous rental of the
operational property is the best option for Wolford. The management is currently
working out precise plans for the use of spaces.
Further inquiry note:
Wolford AG
Katharina Maurer
Global Communication
Phone: +43 (0) 5574 690 1291
investor@wolford.com / company.wolford.com
end of announcement euro adhoc
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issuer: Wolford Aktiengesellschaft
Wolfordstrasse 1
A-6900 Bregenz
phone: +43(0) 5574 690-1258
FAX: +43(0) 5574 690-1410
mail: investor@wolford.com
WWW: http://company.wolford.com
ISIN: AT0000834007
indexes: ATX GP
stockmarkets: Frankfurt, Wien, New York
language: English
Mid Year Results Bregenz - * New Management Board is developing a plan to reposition the company * Revenue down 3% - Operating loss of EUR 9.4 million * Medium-term forecast remains unchanged Bregenz, December 13, 2019: Wolford AG, which is listed on the Vienna Stock Exchange, generated revenue of EUR 60.49 million in the first six months of the current financial ...
