DGAP-News: INDUS acquires eltherm, an internationally active energy technology company
(firmenpresse) - DGAP-News: INDUS Holding AG / Key word(s): Mergers&Acquisitions
INDUS acquires eltherm, an internationally active energy technology
company
11.06.2013 / 15:30
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INDUS acquires eltherm, an internationally active energy technology company
Bergisch Gladbach, 11 June 2013 - SDAX-listed INDUS Holding AG (ISIN
DE0006200108, WKN 620010, INH) today agreed to acquire 90% of the shares in
medium-sized group eltherm from its shareholders.
Based in Burbach (Germany), Newbury (UK), Toronto (Canada), Singapore and
Shanghai, the eltherm group produces electrical heat tracing systems for
industrial processes. Such systems are used in the chemical industry, the
oil and gas industry, power plant construction and the food industry where
they protect liquids and chemicals against freezing or keep them at
specified process temperatures (e.g. liquefied chocolate at approximately
70 C). eltherm produces a wide range of heating cables, heating mats,
flexible heated cables as well as special products for process temperatures
of up to 1,000 C. Special mention should be made of the production of
self-regulating heating cables for low, medium and high temperatures up to
200 C. While this general technology has been mastered by an estimated ten
manufacturers worldwide, there are only eight manufacturers who have
mastered the technology for self-regulating medium and high-temperature
cables. eltherm's special heating systems also include a system for heating
rails and points which was supplied to Network Rail in the UK as part of a
major project in 2011. This technology is also being field-tested by
Deutsche Bahn.
In 2012 the approximately 140 eltherm employees generated group sales in
the vicinity of EUR 20 million. eltherm's customers operate across a wide
variety of industries from pharmaceuticals to industrial engineering. Sales
currently centre on Germany, with Asia Pacific being the second most
important region. About three years ago eltherm launched its own activities
in Shanghai and Singapore. Its main customers in Asia include the fast
growing chemical and petrochemical industries as well as the gas sector.
'In eltherm we have added another high-calibre 'hidden champion' to our
portfolio, with the added benefit that the group is active, and
successfully so, in the growth regions which are particularly attractive
for us. eltherm has managed to grow its Asian sales fourfold within the
space of only three years,' said Jürgen Abromeit, Chairman of the Board of
Management of INDUS.
The current management team has successfully led the company for many years
and will remain in charge of business operations also after INDUS acquires
full control of the company, as will the local management teams in Asia,
Canada and the UK who are all on long-term contracts.
Herbert Breit, the former main shareholder in the eltherm group, expressed
his full satisfaction with the succession agreement reached: 'We have opted
to sell to INDUS because be wanted to partner with an investor with a
long-term horizon and sufficient financial flexibility to support our
company's continued growth and, moreover, offers all benefits of belonging
to a strong group.'
The transfer of control is to take retroactive effect from 1 January 2013
and is subject to cartel office approval.
Contact:
Regina Wolter
Corporate Communications&Investor Relations
Phone +49 2204 4000 70
E-Mail wolter(at)indus.de
End of Corporate News
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11.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: INDUS Holding AG
Kölner Straße 32
51429 Bergisch Gladbach
Germany
Phone: +49 (0)2204 40 00-0
Fax: +49 (0)2204 40 00-20
E-mail: indus(at)indus.de
Internet: www.indus.de
ISIN: DE0006200108
WKN: 620010
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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215903 11.06.2013
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Datum: 11.06.2013 - 15:30 Uhr
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News-ID 268553
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