Kardex AG / Key word(s): Miscellaneous
08.05.2013 06:50
Release of an ad hoc announcement pursuant to Art. 53 KR
---------------------------------------------------------------------------
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.
The issuer is responsible for the contents of the release.
EquityStory publishes regulatory releases, media releases on the capital
market and press releases.
The EquityStory Group distributes authentic and real-time financial news
for over 1'300 listed companies.
The Swiss news archive can be found at www.equitystory.ch/news
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
