Schweiter Technologies to purchase Alcan Composites
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Horgen, September 22, 2009 - Schweiter Technologies has entered intoan agreement with Rio Tinto Group to purchase the Alcan Compositesbusiness for USD 349 million (incl. interest-bearing liabilities).The transaction is expected to be completed before the end of yearonce the employee representatives have been consulted and therelevant competition authorities have given their approval.Alcan Composites is the global market leader in core materials forsandwich constructions, particularly for use in wind farms. Thecompany is also a leading player in other segments, such as compositepanels for high-quality facades and display applications. Itsbest-known brands are Airex, Alucobond Baltek, Dibond, Forex, Gator,Kapa and Sintra.The company's head office is in Sins, in the Swiss canton of Aargauand it operates 16 production facilities in Germany, Switzerland, theUS, South America, China and India. In 2008, pro forma consolidatedsales reached USD 859 million and EBITDA came to USD 88 million. Inthe first eight months of the current year, Composites posted salesof USD 394 million and EBITDA totaling USD 36 million (before audit).Between 2006 and 2008, Composites grew by 20%. Its headcount standsat around 1,700 (excluding balsa operations in Ecuador), including450 posts in Switzerland.In future, Composites will be managed as a third independent divisionalongside SSM Textile Machinery and Ismeca Semiconductor. Businessdevelopment is to be further accelerated. There will be noorganizational or management changes. The CEO is Georg Reif, a53-year old Swiss citizen with a degree in engineering (dipl. Ing.)from the Swiss Federal Institute of Technology. The other ninemanagement members were recruited from all over the world.Alcan Composites has its origins in the former Alusuisse and Lonza,which played a pioneering role in the development of compositematerials. After the merger of the two companies to form al-group,Alusuisse's aluminum composite panels operations and Lonza's foamedplastics business in Sins were combined into what then and Alcan wasin turn taken over by Rio Tinto in 2007.Composites meets the criteria applied to acquisitions in terms ofglobal market leadership, autonomy and growth opportunities and is amore attractive proposition than would be available to Schweiter'sshareholders in the event of a cash pay-out in the general market.Within the Schweiter portfolio, as a supplier of consumer-typecapital goods, it will balance out the cycles of the two existingdivisions and any possible further acquisitions in the engineeringsector. Once the transaction has been completed, Schweiter stillexpects to have liquidity totaling around CHF 300 million with alargely debt-free balance sheet. Other opportunities for acquisitionsare being pursued.In light of recent events, a media and analyst conference is to beheld on:Tuesday, September 22, 2009 at 1 pm at the Marriott Hotel Zurich,Neumühlequai 42, 8001 ZurichSchweiter Technologieswww.schweiter.comSchweiter Technologies, a Swiss company with a strong tradition,focuses activities on high-quality machine construction. The Groupcurrently comprises the divisions SSM Textile Machinery and IsmecaSemiconductor. Shares of Schweiter Technologies are listed in themain segment of the SIX Swiss Exchange.ISIN: CH0010754924 / Reuters: SWTZ / Bloomberg: SWTQ SWRio Tintowww.riotinto.com, www.alcancomposites.comRio Tinto is a leading international mining group headquartered inthe UK, combining Rio Tinto plc, a London and NYSE listed company,and Rio Tinto Limited, which is listed on the Australian SecuritiesExchange.Please find the Media release in the PDF attached.http://hugin.info/100347/R/1342672/321469.pdf --- End of Message ---Schweiter TechnologiesNeugasse 10 Horgen SwitzerlandWKN: 879123; ISIN: CH0010754924; Index: SPI, SPIEX, SSCI;;
Datum: 22.09.2009 - 06:00 Uhr
Sprache: Deutsch
News-ID 6040
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