Schaltbau Group parts with share in Beijing Bode, China

Schaltbau Holding AG / Disposal

02.12.2009 

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Schaltbau Group parts with share in Beijing Bode, China

Munich / Kassel, 2 December 2009 - Gebr. Bode GmbH & Co. KG, of Kassel,
Germany, a wholly owned subsidiary of Schaltbau Holding AG, has sold its
49% share in Beijing Bode Transportation Equipment Co. Ltd., China, via its
subsidiary Gebr. Bode & Co. Beteiligungs-GmbH. The buyer is Mr Chen Bingyu,
owner of Bode's Chinese joint venture partner to date, Hebei Xinghua Agate
Co. Ltd. The purchase price is greater than the carrying amount in the low
single-digit million euro region and leads to an additional profit of
around EUR 0.8 million or approximately 40 cents per share. The transaction
still requires the formal approval of the Chinese authorities.

The Bode joint venture in China, which is based in Daxing near Beijing,
achieved sales revenues of EUR 11.0 million in 2008 and was included in the
Group consolidated financial statements in accordance with the equity
method. Beijing Bode has a workforce of 247 employees.

It was necessary to terminate the cooperation as it became apparent over a
period of more than one year that no consensus could be achieved with the
Chinese joint venture partner, either with regard to the company's
strategic objectives or in terms of operational business. Bode was unable
to exert the required degree of influence due to its minority shareholding.
Further strategies on cultivating the Chinese market are currently being
considered.


Contact:
Wolfdieter Bloch
Schaltbau Holding AG
Hollerithsttraße 5
81829 München
Tel. 089 - 93005 209
Fax  089 - 93005 318
bloch@schaltbau.de




02.12.2009  Financial News distributed by DGAP. Media archive at
www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Schaltbau Holding AG
              Hollerithstraße 5
              81829 München
              Deutschland
Phone:        089 - 93005 - 209
Fax:          089 - 93005 - 318
E-mail:       bloch@schaltbau.de
Internet:     www.schaltbau.de
ISIN:         DE0007170300, DE000A0D66Z2, DE000A0TFWY1
WKN:          717030, A0D66Z2, A0TFWY1
Listed:       Regulierter Markt in Frankfurt (Prime Standard), München;
              Freiverkehr in Berlin, Düsseldorf, Stuttgart
 
End of News                                     DGAP News-Service
 
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