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Kardex AG: Kardex sells Stow division to Averys

Media information Zurich, 8 May 2013 Kardex sells Stow division to Averys Kardex Stow and Averys,



Kardex AG / Key word(s): Miscellaneous

 

08.05.2013 06:50

 

Release of an ad hoc announcement pursuant to Art. 53 KR

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Media information

 

Zurich, 8 May 2013

 

Kardex sells Stow division to Averys

 

Kardex Stow and Averys, specializing in static racks and storage systems,

announce their plans to join forces. The French-based Averys Group will

acquire the Stow division from the Kardex Group. The two companies are a

good fit, both geographically and product wise. Thanks to its wide

distribution network and production sites in France, Germany, Belgium,

Poland, the Czech Republic, Turkey and China, the combined group will

become one of the leading European providers in the industry with annual

sales of around EUR 350 million.

 

Over the past 15 months the Board of Directors of Kardex Ltd. has assessed

all strategic options in order to achieve a stronger market position for

the Kardex Stow division. Thanks to its highly automated plant in Belgium,

an efficient facility for labour-intensive tasks in the Czech Republic and

an established site in Shanghai, Kardex Stow is well placed in terms of

cost, productivity and quality. Its products enjoy an excellent reputation

in the market. This has also led to increased demand from global OEM

customers. However, the final product's high transportation cost has so far

limited the division's geographic expansion.

 

The acquisition has to be approved by the relevant competition authorities.

The transaction is expected to close in the third quarter of 2013. The

transaction's total proceeds including the repayment of the intercompany

debt to Kardex AG will be in the range of EUR 75-80 million and will be

paid in cash. The parties have agreed not to disclose further details of

the

purchase agreement.

 

Felix Thöni, Executive Director of the Kardex Group, comments as follows:

'We are convinced that the combination of Kardex Stow and Averys makes

sense in the industry. In this new environment Kardex Stow has the

possibility to continue to develop and grow successfully'.

 

 

Contact for media and

investors:

Edwin van der Geest

Investor Relations

investor-

relations@kardex.com

Tel. +41 44 419 44 79

Tel. +41 79 330 55 22

 

www.kardex.com

 

Calendar of events:

22 August 2013 2013 half-year closing, publication of 2013

Interim Report

13 March 2014 2013 year-end-closing, publication of 2013

Annual Report

2014 media and analysts' conference

24 April 2014 2014 Annual General Meeting

 

 

 

Kardex Group - Corporate Profile

 

The Kardex Group is a leading supplier of static and automated storage

solutions and materials handling systems. It consists of three divisions,

Kardex Remstar, Kardex Stow and Kardex Mlog. Kardex Remstar develops,

produces and maintains shuttles and dynamic storage and retrieval systems.

Kardex Stow designs and manufactures static storage systems, pallet

shuttles and automated mobile shelving systems. Kardex Mlog offers

integrated materials handling systems and automated high-bay warehouses.

All divisions are partners for their customers over the entire life cycle

of a product or solution. This begins with the assessment of customer

requirements and continues through planning, realization and maintenance of

customer-specific systems. It ensures a high level of availability combined

with low total cost of ownership and operation. More than 2'000 employees

in over 30 countries work for the Kardex Group.

 

Disclaimer

 

This communication contains statements that constitute 'forward-looking

statements'. In this communication, such forward-looking statements

include, without limitation, statements relating to our financial

condition, results of operations and business and certain of our strategic

plans and objectives. Because these forward-looking statements are subject

to risks and uncertainties, actual future results may differ materially

from those expressed in or implied by the statements. Many of these risks

and uncertainties relate to factors which are beyond Kardex's ability to

control or estimate precisely, such as future market conditions, currency

fluctuations, the behavior of other market participants, the actions of

governmental regulators and other risk factors detailed in Kardex's past

and future filings and reports and in past and future filings, press

releases, reports and other information posted on Kardex Group companies'

websites. Readers are cautioned not to put undue reliance on

forward-looking statements, which speak only of the date of this

communication. Kardex disclaims any intention or obligation to update and

revise any forward-looking statements, whether as a result of new

information, future events or otherwise.

 

 

08.05.2013 News transmitted by EquityStory AG.

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Language: English

Company: Kardex AG

Thurgauerstrasse 40

8050 Zürich

Switzerland

Phone: +41 (0)44 419 44 79

Fax:

E-mail: investor-relations@kardex.com

Internet: www.kardex.com

ISIN: CH0100837282

Swiss Security Number: A0RMWK

Listed: Freiverkehr in Berlin, München, Stuttgart;

Frankfurt in Open Market ; SIX

 

End of Announcement EquityStory News-Service

 

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