KME Group transfers its Italian and French copper tubes and rods businesses to Cupori Group
March 10 2016 - 1:11PM
Italian Regulatory (Text)
Registered offices: 20121 Milano (MI) Foro Buonaparte, 44 Shared
capital Euro 314.225.009,80 fully paid up Tax code and Milan
Companies Register n. 00931330583 www itkgroup.it
PRESS RELEASE
KME GROUP TRANSFERS ITS ITALIAN AND FRENCH COPPER TUBES AND RODS
BUSINESSES TO CUPORI GROUP
Milan, 10th March 2016 - Intek Group SpA informs that its 100%
subsidiary KME AG, as holding of the "copper" business of the
Group, has executed the agreement signed in December 2015 with
Cupori Group for the sale of KME France SAS, after the attainment
of the conditions precedent envisaged in the same agreement. The
sale foreseen in the agreement of the whole 60% shareholding is
carried out in two steps: the first step concerning a 49%
shareholding has already been implemented, while the second step
regarding the further 11% shareholding is the object of a Put
option enforceable by KME AG towards Cupori Group at the occurrence
of certain conditions. As already announced in the press release
dated 22nd December 2015, the transaction involves the whole French
and Italian copper tubes business carried out in the Givet and
Serravalle Scrivia (AL) plants, as well as the French copper rods
business carried out in the Niederbruck plant. According to the
plans, the whole rolled business of KME France was transferred to
other KME Group companies before the execution of the
above-mentioned sale to the Cupori Group. Target of the transaction
is the creation of a solid industrial player in the relevant tubes
market through a production and market integration between the two
groups and the execution of a restructuring agreement of the French
activities, as already agreed with the French Unions in November
2015. In the frame of the agreement execution, after the shares
transfer, the two shareholders have subscribed and paid up a 10
million Euro capital increase on a pro quota basis, that is aimed
to finance the restructuring and future development of KME France
Group. The businesses involved in the transaction have a yearly
consolidated turnover of 270 million Euro, employ around 700 people
and have generated substantial losses for KME Group over the years.
The transfer of the said businesses and the restructuring to be
realized thanks to the entry of the new shareholder are part of a
rationalization process of the Group portfolio, aimed at increasing
its profitability in a significant way. **** The press release is
available on the website www.itkgroup.it, through which it is
possible to request information directly from the company (phone n.
02-806291; e.mail info@itk.it) or through the NISStorage system
which is operated by BIt Market Services at:
www.emarketstorage.com.
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