FLSmidth to achieve BBBEE status in South Africa
(Thomson Reuters ONE) -
Company Announcement to the Danish Financial Supervisory Authority No.
28-2010, 17 September 2010
FLSmidth has signed an agreement to acquire the majority ownership of Roymec
(Pty) Limited, located north of Johannesburg, South Africa. Roymec is an
accredited contributor under South Africa's Broad-Based Black Economic
Empowerment (BBBEE) Act and is in line with the ownership requirements.
FLSmidth will acquire 74% of the company share capital for a total price of DKK
142m. The remaining 26% is held by Tamela Roymec SPV (Pty). Roymec's revenue in
2009 was DKK 438m and the company's earnings meet the FLSmidth Group's general
earnings requirements.
Roymec employs 238 people, and 85% of the company's revenue comes from the coal
industry with the remaining 15% spread across the iron ore, diamond and platinum
industries.
Since its establishment in 1979 Roymec has been supplying mining infrastructure
including bulk material handling solutions. Its products include plant and
overland conveyors, waste spreader systems, stockyard systems, run-of-mine tips,
rail load-out stations, crushing and screening as well as material handling
services.
Roymec will be integrated in FLSmidth's present organisation in South Africa
whose total workforce will become close to 400. This enhanced local setup will
provide a strong basis for handling the growing activities in the region where
mining industry investments are expected to increase in the coming years.
"The local platform of Roymec will give FLSmidth a strong base for supplying
equipment under the BBBEE act and permit us to further strengthen our position
as a leading regional bulk materials handling solutions provider," Group CEO
Jørgen Huno Rasmussen comments.
Dependent on governmental approvals, the transaction is expected to close within
approximately two months.
-------------------------------------
Please address any questions regarding this announcement to Group Chief
Executive Officer Jørgen Huno Rasmussen, FLSmidth & Co. A/S at +45 36 18 18 21.
For further information about FLSmidth, please visit www.flsmidth.com.
Yours faithfully
Pernille Friis Andersen
Corporate Communications & Investor Relations
[HUG#1445152]
Link to PDF version:
http://hugin.info/2106/R/1445152/388595.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: FLSmidth via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 17.09.2010 - 16:38 Uhr
Sprache: Deutsch
News-ID 42801
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