Ringmetall Aktiengesellschaft

  • WKN: 600190
  • ISIN: DE0006001902
  • Land: Deutschland

Nachricht vom 07.01.2020 | 10:06

Ringmetall acquires further clamping ring manufacturer in the USA

DGAP-News: Ringmetall Aktiengesellschaft / Key word(s): Takeover
07.01.2020 / 10:06
The issuer is solely responsible for the content of this announcement.

Ringmetall acquires further clamping ring manufacturer in the USA

- Additional sales contribution of around USD 6 million
- EBITDA margin with considerable potential for increase through synergies and efficiency measures
- Attractive purchase price in the range of the historical average

Munich, 7. January 2020 - Ringmetall AG (ISIN: DE0006001902), a leading international specialist supplier in the packaging industry, has acquired another clamping ring producer in the USA, Sorini Ring Manufacturing Inc., in the course of an asset deal. Ringmetall has already successfully completed a transaction in this region in 2015 with the acquisition of Self Industries and integrated it into the Group.

Based in Chicago, Sorini has 37 employees and annual sales of around USD 6 million. The earnings contribution before interest, taxes, depreciation and amortization (EBITDA) is currently still below average compared to the Ringmetall Group. At the same time, however, production has considerable potential for leveraging synergies and implementing efficiency enhancement measures. "By means of measures that can be implemented at short notice, we will be able to raise the margin situation at the new location in Chicago to group level", explains Christoph Petri, CEO of Ringmetall AG.

With the acquisition of Sorini, the Ringmetall Group will gain access to new customers in the drum reconditioning market in the USA. The parties involved have agreed not to disclose the purchase price. However, following the implementation of initial measures to increase margins, the purchase price will be at the target level communicated by the company. The business activities of Sorini were acquired effective January 1, 2020 and fully integrated into the US subsidiary Self Industries. The transaction costs total around EUR 50 thousand and will still be recognized in the income statement of 2019. The acquisition is being financed from the Group's cash and cash equivalents.

Further information on Ringmetall AG and its affiliated subsidiaries is available on the company's website at www.ringmetall.de.

Contact:
Ingo Middelmenne
Investor Relations
Ringmetall AG
Phone: +49 (0 )89 45 220 98 12
Mobile: +49 (0 )174 90 911 90
Email: middelmenne@ringmetall.de

About Ringmetall Group

Ringmetall is a leading international specialist in the packaging industry. The Industrial Packaging business offers highly secure closures and inliners for industrial drums for the chemical, petrochemical, pharmaceutical and food processing industries. The Industrial Handling business unit develops application-optimized vehicle components for the handling and transport of packaging units. In addition to the Group headquarters in Munich, Ringmetall has worldwide production and sales offices in Germany, France, Great Britain, Spain, Italy, Turkey, the Netherlands, China and the USA. Worldwide Ringmetall generates more than EUR 120 million in revenues.



07.01.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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