WIENERBERGER WILL ACQUIRE SOLVAY'S STAKE IN PIPELIFE
(Thomson Reuters ONE) -
Brussels and Vienna, 15 February 2012, at 6:15 pm (Brussels time)
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| WIENERBERGER WILL ACQUIRE SOLVAY'S STAKE IN PIPELIFE |
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Enterprise Value of 50% stake represents EUR 257 million for Solvay
Solvay and Wienerberger announced today that they have signed a binding
agreement for the sale of Solvay's 50% stake in Pipelife, one of the world's
leading suppliers of plastic pipe systems, to Wienerberger. Solvay will receive
EUR 172 million in cash for the shares, including a special dividend of EUR 10
million. For Solvay the deal represents an Enterprise Value of about EUR 257
million for its 50% stake when taking into account assumption of liabilities,
including pensions and other debt-like items, for about EUR 85 million. The
closing is expected in the second quarter of 2012, after obtaining the usual
antitrust authorizations.
"Twenty two years ago Solvay and Wienerberger founded Pipelife in order to
support a transition from concrete and metal pipes for water transportation to
plastic pipes and build a market leader. Thanks to the excellent collaboration
with Wienerberger this project became a great success with both targets met,"
says Dominique Clerbois, Executive Vice President at Solvay Group. "The Group
will use the proceeds from the sale of this plastic processing business to
pursue its strategy of sustainable and profitable growth and focus on more
strategic activities", adds Jacques van Rijckevorsel, Group General Manager of
the Plastics Sector and member of the Executive Committee of Solvay Group.
Pipelife is one of the world's leading suppliers of plastic pipe systems. With
29 production plants and headquartered in Vienna, Austria, the company held by
Wienerberger (50%) and Solvay (50%), employs about 2.600 employees in 27
countries and realized about EUR 800 million in sales in 2011.
Wienerberger is the world's largest brick producer (Porotherm, Poroton, Terca)
as well as the market leader for clay roof tiles (Koramic, Tondach) in Europe
and for concrete pavers (Semmelrock) in Central-East Europe. In pipe systems
(Steinzeug-Keramo ceramic pipes and Pipelife plastic pipes), the company is one
of the leading suppliers in Europe. With a network of 232 plants, Wienerberger
generated revenues of EUR 1,555 million and operating EBITDA of EUR 214 million
in the first nine months of 2011.
SOLVAY is an international chemical Group committed to sustainable development
with a clear focus on innovation and operational excellence. Its recent
acquisition of specialty chemicals company Rhodia created a much larger player,
which is realizing over 90% of its sales in markets where it is among the top 3
global leaders. Solvay offers a broad range of products that contribute to
improving the quality of life and the performance of its customers in markets
such as consumer goods, construction, automotive, energy, water and environment,
and electronics. The Group is headquartered in Brussels, employs about 30,000
people in 55 countries and generated EUR 12 billion in combined sales in 2010.
Solvay SA (SOLB.BE) is listed on NYSE Euronext in Brussels and Paris (Bloomberg:
SOLB.BB - Reuters: SOLBt.BR).
For further details, please contact:
Lamia Narcisse Erik De Leye Maria Alcon-Hidalgo Patrick Verelst
Corporate Press Corporate Press Head of Investor Head of Investor
Officer Officer Relations Relations
RHODIA SOLVAY S.A. RHODIA SOLVAY S.A.
+33 1 53 56 59 62 +32 2 264 1530 +33 1 53 56 64 89 +32 2 264 1540
Press Release:
http://hugin.info/133981/R/1586168/497005.pdf
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Source: Solvay S.A. via Thomson Reuters ONE
[HUG#1586168]
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Datum: 15.02.2012 - 18:45 Uhr
Sprache: Deutsch
News-ID 115197
Anzahl Zeichen: 4824
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