Bystronic AG
Conzzeta: Sale of stake in US joint venture
Conzzeta / Key word(s): Disposal/Joint Venture Realignment within FoamPartner business unit The joint venture, founded in 2006 with The Woodbridge Group, manufactured and processed technical polyurethane foams for the US market. The reorganization of the existing joint venture structure through the sale to The Woodbridge Group and the conclusion of a supply agreement will enable FoamPartner to further develop the American market for foam material solutions independently, without contractual restrictions. Already on July 21, Conzzeta announced that it was taking over Otto Bock Kunststoff, including the reorganization of the joint venture structure in China. Michael Willmore, Conzzeta Group CEO, comments: “With this further step we are paving the way for additional growth in the USA, where we will significantly expand our business volume as a result of the transaction announced on July 21. The restructuring of the two joint ventures will reduce the complexity of FoamPartner’s business in Asia and North America, its most important growth regions.” The retroactive closing of the transaction per July 1, 2017, will lead in the second half of the year to a middle single-digit million one-off gain in the Chemical Specialties segment. In the first half of 2017, the revenue contribution of the proportionally consolidated Woodbridge FoamPartner Company was CHF 5.1 million at average profitability for FoamPartner. For queries and further information, please contact: Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=TCITAXGNQK Document title: Sale of stake in US joint venture End of ad hoc announcement |
Language: | English |
Company: | Conzzeta |
Giesshübelstrasse 45 | |
8045 Zürich | |
Switzerland | |
Phone: | +41 44 468 24 49 |
Fax: | +41 44 468 24 53 |
E-mail: | info@conzzeta.com |
Internet: | www.conzzeta.com |
ISIN: | CH0244017502 |
Valor: | A117LR |
Listed: | Regulated Unofficial Market in Berlin, Stuttgart; Open Market in Frankfurt; SIX Swiss Exchange |
End of Announcement | EQS Group News Service |