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EANS-Adhoc: Lenzing AG
Lenzing acquires majority share in Czech pulp producer Biocel Paskov

  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.
06.04.2010
Chairman Peter Untersperger: Strategic vertical backwards integration
Lenzing AG, quoted at the Vienna stock exchange and world market 
leader in cellulose fibers, acquires a 75 % share in Czech pulp 
producer Biocel Paskov A.S. The seller, the Austrian Heinzel Holding 
will keep a 25 % share in the company and manage paper pulp 
distribution.
Biocel paper pulp production capacity runs to about 280,000 tons per 
year. Lenzing intends to invest EUR 50 mill. in the site's capacity 
expansion, measures to increase energy efficiency and recovery 
systems. Biocel Paskov in the medium and long run will provide 
Lenzing with the option of producing paper pulp as well as dissolving
pulp for fibers.
The transaction is pending anti-trust authority approval. The price 
is in the range of six to seven times Biocel's EBITDA.
Peter Untersperger, chairman of the Lenzing management board reasons:
"The acquisition of Biocel is an important strategic step towards the
Group's long-term extension of its vertical backwards integration. 
The expansion and restructuring of the site into a swing capacity 
producer of pulp will enable us to flexibly adjust to given pulp 
market situations and to either produce dissolving pulp for our fiber
production or paper pulp for external customers. The acquisition is 
part of a hedging strategy to protect Lenzing from the impact of high
pulp price volatility."
In view of the dynamic expansion in business field fibers sustainable
pulp supply is becoming an issue of growing importance to Lenzing.
Friedrich Weninger of the Lenzing management board and in charge of 
fiber business comments: "The existing pulp supply structure of the 
Lenzing Group which is characterized by our own pulp production, 
long-term supply contracts and spot purchases will not be affected by
the acquisition of Biocel for the time being.
Biocel meets strict European ecological standards. The company 
processes spruce wood from certified forestry, ensuring ecological 
reliability of the raw material. Biocell, moreover, uses the same 
magnesium bisulfite process as the pulp factory at the Lenzing site. 
Lenzing is the global technology leader of this process.
The former state-owned pulp factory Biocel Paskov started production 
in 1985 and was modernized to ecological standards in the 90ies. The 
group of Austrian industrialist Alfred Heinzel acquired the factory 
in 2001 and continued its modernization. Since 2004 Biocel has been 
cooperating with the neighboring sawmill of the Austrian wood 
industry group Mayr Melnhof from which it obtains half of its raw 
materials in the form of wood chips. Biocel currently employs a staff
of 380 and generates annual sales of about EUR 114 mill.
end of announcement                               euro adhoc

Further inquiry note:

Lenzing AG
Mag. Angelika Guldt
Tel.: +43 (0) 7672-701-2713
Fax: +43 (0) 07672-96301
mailto:a.guldt@lenzing.com

Branche: Chemicals
ISIN: AT0000644505
WKN: 852927
Index: WBI
Börsen: Berlin / free trade
Wien / official dealing

Plus de actualités: Lenzing AG
Plus de actualités: Lenzing AG