Gamma Holding completes sale of Coating & Composites
(Thomson Reuters ONE) - In the trading update of 23 October 2009 Gamma Holding announced itsintention to sell virtually the whole business unit Coating &Composites, including Verseidag Ballistic Protection, to a Germancompany. The sale has now been completed and the units involved havebeen sold for a sum of EUR 37.5 million to Jagenberg AG, anindustrial company mainly active in the field of machine building. Asa result of this sale, Gamma Holding has reduced its debt.The units sold represent anticipated annual turnover of EUR 76million and EBITDA [1] of EUR 2.5 million. The number of employeesinvolved is 271. The product group PTFE-coated glass woven fabricsfor industrial applications, which formed part of Coating &Composites, will be transferred to Belting. PTFE representsanticipated annual turnover of EUR 13 million and makes a limitedcontribution to EBITDA [1]. The unit employs 134 people.Gamma Holding will continue to focus on further strengthening itsmarket positions and on implementation of the programme of costsavings within its remaining business units Belting, Filtration,Sailcloth, Sleep Care Fabrics and Exotic Fabrics. Furthermore,Belting will employ Mr. M. R. (Michael) Vogel as new General Managerfrom 1 January 2010. Mr. Vogel previously held various managementpositions at the German technology group GEA AG from 1996.Gamma Holding will present its 2009 annual figures on Friday 26February next, before the market opens. On Friday 26 March 2010 theAnnual Report 2009 will be published on the websitewww.gammaholding.nl.Executive Board of Gamma Holding N.V.Helmond, 2 November 2009ProfileGamma Holding develops, manufactures and sells innovative,high-quality industrial and consumer-related textile productsthroughout the world, varying from process and conveyor belts toproducts for filtration processes, sailcloth, mattress ticking andethnic fabrics. With these products, the company is a leading globalplayer in its selected niche markets. The company has some 6,500employees in 43 countries. Its headquarters are located in Helmond(Netherlands) and its shares are listed on Euronext Amsterdam.More information: www.gammaholding.nl.[1] Group result before income tax, interest, depreciation,amortisation and impairment of property, plant and equipment andintangible assetshttp://hugin.info/130740/R/1351656/326763.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.11.2009 - 08:15 Uhr
Sprache: Deutsch
News-ID 7733
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